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pampango

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Hometown: Xenia, OH
Member since: Tue Sep 19, 2006, 04:46 PM
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OECD study: Income gains to top 1% last 30 years - US worst (by far), Europe best (by far).

Top 1% taking lion's share of global growth, OECD says

Canada is second only to the U.S. in its growing inequality. In the U.S., about 47 per cent of total growth went to the wealthiest one per cent between 1975 and 2007, compared to 37 per cent in Canada, while in Australia and the U.K., about 20 per cent of growth went to the wealthiest.

In Nordic countries and in France, Italy, Portugal and Spain, about 90 per cent of growth went to the 99 per cent of middle and low-income earners in the same period.

Larry Summers, who was secretary of the treasury under Bill Clinton and is now a Harvard professor, has pointed out how the constant push for tax cuts and the erosion of union bargaining rights has led to greater income inequality.

The study calls for higher marginal tax rates and fewer tax deductions and credits aimed at high income earners. It also advocates wealth or inheritance taxes.

http://www.cbc.ca/news/business/top-1-taking-lion-s-share-of-global-growth-oecd-says-1.2627154

In all the European countries listed in the study as well as Australia 80%-90% of income gains went to the 99%. The study period ended in 2007 before the Great Recession when even income gains for the 1% were even more skewed but the pattern is obvious.

Through smart government policy it is possible for economies to grow and for the gains to be skewed towards the 99%.
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