Counting the Dollars the Rich Want Uncounted
http://www.commondreams.org/view/2013/11/11-2
Data collected from payroll forms and income tax returns tell us a great deal about the extent of our inequality.
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Over in Americas 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 new Social Security figures show, to nearly 9,000 most fortunate souls. The actual compensation this cohort collected soared 40 percent over what the $5 million-plus crowd pocketed in 2011.
But these numbers, we need to keep in mind, dont tell Americas full income inequality story. Social Security statisticians only tally paycheck data. Their work leaves uncounted income from dividends and interest, as well as 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 Internal Revenue Service collects.
University of California economist Emmanuel Saez has done that diving. His latest calculations, released this past September, show that taxpayers in Americas most affluent 0.01 percent grabbed 993 times more income in 2012 than taxpayers in Americas bottom 90 percent averaged.