Monday, May 21, 2012

NYC Leads Nation In Inequality

This article compares inequality in NYC with the rest of the nation.  In 2009, there were 15,000 filers with incomes over $1 million.  They represented the top one half of 1% of the filers, and they received 26.7% of total income. Nationally this group only received 10% of total income.

James Oddo, a republican from Staten Island, commissioned a study which found that the top 1%, with an average income of $2.25 million, received 33% of the total income.  He then did what the GOP typically does with statistics.  He shifted the focus to the top 10%, which has an entry position of $105,400. and argued that taxes should not be raised on the rich because that group included veteran police officers, nurses and school principles.  The GOP uses a similar strategy when it defends the interests of big business.  They claim that they are defending the interests of small businesses.  Its OK to defend the little guy as long as it protects those at the top.

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