tag:blogger.com,1999:blog-3621026.post7249969947693836666..comments2024-03-29T06:05:04.162+01:00Comments on Robert's Stochastic thoughts: Roberthttp://www.blogger.com/profile/14455788499385673507noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-3621026.post-28949839975891437162007-06-01T17:33:00.000+02:002007-06-01T17:33:00.000+02:00There's a typo in my comment, which I should have ...There's a typo in my comment, which I should have previewed. It should read:<BR/><BR/>"The CBO did not say "the top 1% owned 57.4% of corporate wealth." They said the top 1% reported 57.4% of all dividends, capital gains, interest and rent that appeared on tax returns (as opposed to being sheltered in a IRA and 401k)."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3621026.post-35715935797446553592007-05-28T12:29:00.000+02:002007-05-28T12:29:00.000+02:00There is a brief reply to Piketty and Saez in this...There is a brief reply to Piketty and Saez in this exchange:<BR/><BR/>http://www.cato-unbound.org/2007/02/19/alan-reynolds/why-change-the-subject/<BR/><BR/>The CBO did not say "the top 1% owned 57.4% of corporate wealth." They said the top 1% reported 1% of all dividends, capital gains, interest and rent that appeared on tax returns (as opposed to being sheltered in a IRA and 401k). <BR/><BR/>Emmanuel Saez estimates that the top 1% own about a fifth of all wealth; Arthur Kennickel at the Fed says it's about a third. Nobody finds any sustained increase in the top 1 percent's share of wealth, corporate or otherwise.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3621026.post-74994615537234621582007-05-04T21:07:00.000+02:002007-05-04T21:07:00.000+02:00David Cay Johnston has a slew of fine articles in ...David Cay Johnston has a slew of fine articles in the New York Times on the statistics of inequality and on tax structure.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3621026.post-2926208788136917752007-05-04T21:05:00.000+02:002007-05-04T21:05:00.000+02:00The inequality figures through 2006 will have show...The inequality figures through 2006 will have shown a continued sharp jump since we are going through what I am arguing is the braodest and deepest international bull market in stocks since at least 1945. Only a fiscal re-structuring and changes in manager-owner-employee relations can change the inequality tendency.<BR/><BR/>anneAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3621026.post-83386038830372614292007-05-04T18:28:00.000+02:002007-05-04T18:28:00.000+02:00http://www.nytimes.com/2006/01/29/national/29rich....http://www.nytimes.com/2006/01/29/national/29rich.html?ex=1296190800&en=784822e4b0735ee5&ei=5090&partner=rssuserland&emc=rss<BR/><BR/>January 29, 2006<BR/><BR/>Corporate Wealth Share Rises for Top-Income Americans <BR/>By DAVID CAY JOHNSTON<BR/><BR/>New government data indicate that the concentration of corporate wealth among the highest-income Americans grew significantly in 2003, as a trend that began in 1991 accelerated in the first year that President Bush and Congress cut taxes on capital.<BR/><BR/>In 2003 the top 1 percent of households owned 57.5 percent of corporate wealth, up from 53.4 percent the year before, according to a Congressional Budget Office analysis of the latest income tax data. The top group's share of corporate wealth has grown by half since 1991, when it was 38.7 percent. <BR/><BR/>In 2003, incomes in the top 1 percent of households ranged from $237,000 to several billion dollars. <BR/><BR/>For every group below the top 1 percent, shares of corporate wealth have declined since 1991. These declines ranged from 12.7 percent for those on the 96th to 99th rungs on the income ladder to 57 percent for the poorest fifth of Americans, who made less than $16,300 and together owned 0.6 percent of corporate wealth in 2003, down from 1.4 percent in 1991....<BR/><BR/>anneAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3621026.post-82859389049505626102007-05-04T18:18:00.000+02:002007-05-04T18:18:00.000+02:00Simply begin from the 2004 finding that the top 1%...Simply begin from the 2004 finding that the top 1% of households control 57.8% of American owned corporate shares. Then look to the basics of tax structure in which the maximum dividend and realized long term capital gains tax is 15%. Also, remember that unrealized capital gains are not taxed.<BR/><BR/>This alone will give a sense of what we are dealing with in terms of wealth and income concentration. there is though far more.<BR/><BR/>anneAnonymousnoreply@blogger.com