www.mozilla.com Weather Central
Voices
Headlines

Brownback's budget -1/26/2015, 9:59 AM

Committee meetings begin -1/26/2015, 9:50 AM

Excitement starts at Capitol -1/26/2015, 9:50 AM

What's happening with oil prices? -1/26/2015, 9:50 AM

Synthetic biology, brave new world -1/26/2015, 9:50 AM

Today's fierce urgency is voter mobilization -1/25/2015, 5:02 PM

Duke, Muslims and politics of intimidation -1/25/2015, 5:02 PM

Right to hunt -1/25/2015, 5:02 PM

Pipeline: Foreign profits, American risk -1/23/2015, 7:47 AM

Social Darwinist 'Christianity' -- Chapter 3 -1/23/2015, 7:47 AM

Kiwanis generosity -1/23/2015, 7:47 AM

The state economy -1/22/2015, 10:23 AM

Restate of the union -1/22/2015, 10:23 AM

France needs our First Amendment -1/22/2015, 10:23 AM

Repurposing Washington -1/20/2015, 9:31 AM

March for Life -1/20/2015, 9:31 AM

Brownback, the budget and schools -1/20/2015, 9:31 AM

Sensible checks are no assault on gun rights -1/19/2015, 9:50 AM

Jeb Bush chooses expedience on marriage issue -1/19/2015, 9:50 AM

The State of the State Address and the legislative session -1/19/2015, 8:47 AM

Spending's not the culprit in budget woes -1/18/2015, 3:32 PM

Pilgrim's paradise -1/18/2015, 3:32 PM

Spring elections -1/18/2015, 3:23 PM

Kobach is back -1/16/2015, 3:04 PM

More with Les -1/16/2015, 10:03 AM

Understanding Hooper -1/16/2015, 10:02 AM

Basic economics -1/16/2015, 10:01 AM

Female governance -1/15/2015, 9:37 AM

2015 energy policy -- a unique opportunity -1/15/2015, 9:37 AM

The better option -1/15/2015, 9:36 AM

'Wall Street' a waste -1/14/2015, 2:50 PM

Trade already -1/14/2015, 2:49 PM

No media bias? -1/14/2015, 2:48 PM

Retirement funds -1/14/2015, 2:47 PM

Redefining public education in Kansas -1/13/2015, 10:06 AM

What the future holds -1/13/2015, 10:06 AM

Efficient education -1/13/2015, 10:06 AM

Terrorists usher in the 'End of Satire' -1/12/2015, 9:14 AM

Sexuality, lame logic, substandard science -1/12/2015, 9:14 AM

A tragic family story -1/11/2015, 12:11 PM

For freedom, LGBT rights, a year of decision -1/11/2015, 12:11 PM

Roberts' promotion -1/11/2015, 12:11 PM

FHSU campaign -1/11/2015, 12:11 PM

Fairness in U.S. -1/9/2015, 3:05 PM

Liberals' use of black people -- Part II -1/9/2015, 9:09 AM

Social Darwinist 'Christians' -- Chapter 2 -1/9/2015, 9:09 AM

Taxing situation -1/9/2015, 9:09 AM

Trust: Society depends on it -1/8/2015, 9:55 AM

Education schools lack a paradigm -1/8/2015, 9:55 AM

Congress convenes -1/7/2015, 10:07 AM

Simple way to fix gridlock: change committees -1/7/2015, 10:06 AM

Kansas is your customer -1/7/2015, 10:06 AM

Large budget shortfalls await solution -1/6/2015, 10:06 AM

The state and funding K-12 education -1/6/2015, 10:06 AM

Tree removal -1/6/2015, 10:06 AM

Republicans won -- now what? -1/5/2015, 9:13 AM

Social Darwinist religion, Chapter 1 -1/5/2015, 9:13 AM

Liberals' use of black people -1/2/2015, 9:53 AM

Ignorance abounds -1/2/2015, 9:53 AM

Superbug dilemma -1/2/2015, 9:53 AM

Thanks North Korea -12/31/2014, 1:26 PM

Sony gets the last laugh -12/31/2014, 1:26 PM

Free speech -12/31/2014, 1:16 PM

New Year's resolutions -- sort of -12/31/2014, 9:22 AM

A flat-footed backflip for Wall Street -12/31/2014, 9:22 AM

Dim the lights -12/31/2014, 9:22 AM

Some near-sure bets for the new year -12/31/2014, 9:21 AM

Adios, Rick Perry -12/30/2014, 8:20 AM

Budget strife means high-anxiety session -12/30/2014, 8:20 AM

Time for caution -12/30/2014, 8:20 AM

-12/29/2014, 10:01 AM

Court's raw deal -12/29/2014, 10:01 AM

Chris Christie's pork barrel politics -12/29/2014, 10:00 AM

A Festivus Miracle -12/27/2014, 4:18 PM

Faith, not politics, keeps Christ in Christmas -12/27/2014, 4:18 PM

EPA rule falls short -12/27/2014, 4:18 PM

2014: The year in Kansas higher education -12/26/2014, 9:39 AM

Methane from cattle -12/26/2014, 9:39 AM

Black progression and retrogression -12/26/2014, 9:38 AM

Up-Lyft-ing Christmas tale -12/25/2014, 1:22 PM

Terrorism on soft targets -12/25/2014, 1:22 PM

Story of Christmas -12/25/2014, 1:22 PM

Fabricated column -12/24/2014, 8:21 AM

The Christmas spirit dwells in us all -12/24/2014, 8:21 AM

Celebrating life -12/24/2014, 8:21 AM

A visit from St. Nicholas -12/24/2014, 8:21 AM

A look ahead to the Legislature -12/23/2014, 9:34 AM

There is a Santa Claus -12/23/2014, 9:34 AM

Cuban sanctions need to be lifted -12/23/2014, 9:33 AM

2016 presidential campaign already boring -12/22/2014, 9:08 AM

A rainbow coalition of protests -12/22/2014, 9:07 AM

Budget needs dynamic leadership, not scoring -12/21/2014, 1:06 PM

Sure, you can say that -- but please don't -12/21/2014, 1:06 PM

Holiday travel -12/19/2014, 10:16 AM

ALEC's starring role in the 'Wrecking Crew' -12/19/2014, 10:17 AM

Should profiling be banned? -12/19/2014, 10:06 AM

No right to misbehave -12/18/2014, 10:09 AM

Pompeo deserves thanks -12/18/2014, 10:00 AM

Executive orders -12/18/2014, 10:00 AM

Attack on Pearl Harbor -12/18/2014, 10:00 AM

myTown Calendar

SPOTLIGHT
[var top_story_head]

Taking stock of the most affluent among us

Published on -11/27/2013, 9:28 AM

Printer-friendly version
E-Mail This Story

How unequal have workplaces in the United States become? Our best answer happens to come from a source you might not expect: the Social Security Administration.

Social Security statisticians each year tally up how much compensation gets reported on W-2s, the forms that employers have to file for all their employees, clerks and chief executives alike. Social Security reports these numbers by income level once a year -- and in the process paints an incredibly detailed pay-portrait of the contemporary American workplace.

For typical Americans workers, this workplace has become steadily less rewarding.

The latest Social Security figures, released last month, show annual wages for the median -- most typical -- American worker down $980 in 2012 from five years earlier.

In effect, notes analyst David Cay Johnston, these typical workers are now working 52 weeks a year for what would have been -- in 2007 -- 50 weeks of pay.

Over in America's elite corner offices, by contrast, the pay keeps pouring in. The ranks of Americans making over $5 million a year grew 27 percent in 2012. The actual compensation this cohort collected soared 40 percent over what the $5 million-plus crowd pocketed in 2011.

But these numbers don't tell the full story of America's income inequality. Social Security statisticians only tally paycheck data. Their work doesn't count income from dividends, interest, capital gains, and profits from business operations.

For income totals that take these and other non-wage income streams into account, we need to dive into data the IRS collects.

University of California economist Emmanuel Saez has done that diving. His latest calculations, released this past September, show that taxpayers in America's most affluent 0.01 percent grabbed an average of 993 times more income in 2012 than taxpayers in America's bottom 90 percent.

In 1975, this lofty top 0.01 percent only averaged 114 times the income of America's bottom 90 percent.

These IRS numbers tell us a great deal about America's grand income divide. Do they tell us everything? Not quite. The IRS figures on high incomes only count what America's rich want the government to count.

They don't count all the income the wealthy harvest from hoarding their money in secret overseas tax havens.

How much income are these secret stashes generating? We're slowly getting a better idea, thanks in part to a federal amnesty program for tax evaders.

Affluent tax evaders can currently avoid criminal prosecution if they pay up all their taxes overdue on their secret income, plus interest and penalties. With this amnesty in effect, the Wall Street Journal reports, IRS officials are now seeing "a new rush by U.S. taxpayers to confess to their secret offshore accounts."

What's driving this rush? To a surprising degree, Swiss banks. Four years ago, the long-standing Swiss bank secrecy wall started cracking when officials at the Swiss banking giant UBS reluctantly admitted that they'd been helping wealthy Americans conceal assets. UBS had to pay out $780 million in penalties.

Other Swiss banks, eager to avoid a similar fate, are now pushing their American depositors to end the error of their tax-evading ways, and this banker pressure is apparently having an impact.

Just one New York attorney has already handled over 1,000 confessions, many from taxpayers with over $10 million in their secret stashes and a few with more than $100 million.

We don't know yet how many billions the current amnesty will eventually produce. As of last year, 38,000 U.S. taxpayers had revealed undeclared offshore assets. The declarations from these tax evaders, the IRS reports, figure to bring in $10.5 billion. But this total doesn't cover the recent confession surge.

The final collections will undoubtedly dwarf the sums so far collected -- and fill in still another chapter in America's deeply distressing inequality story.

OtherWords columnist Sam Pizzigati, an Institute for Policy Studies associate fellow, is author of "The Rich Don't Always Win."

digg delicious facebook stumbleupon google Newsvine
More News and Photos

Associated Press Videos

AP Breaking News
AP Nation-World News

View this site in another language.

Kansas News