The Top 1 Percent in International and Historical Perspective

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  1. #1
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    The Top 1 Percent in International and Historical Perspective






    "Conclusions

    The rise in top income shares in the United States has been dramatic. In seeking
    explanations, however, it would be misleading to focus just on the doubling of the
    share of income going to the top 1 percent of the US distribution over the past
    40 years. We also have to account for the fact that a number of high-income countries
    have seen more modest or little increase in top shares. Hence, the explanation
    cannot rely solely on forces common to advanced countries, like the impact of new
    technologies and globalization on the supply and demand for skills. Moreover, the
    explanations have to accommodate the falls in top income shares earlier in the twentieth
    century that characterize the countries discussed here.

    In this paper, we have highlighted four main factors that have contributed to
    the growing income shares at the very top of the income distribution, noting that
    they may operate to differing extents in the United States and other countries,
    particularly in continental Europe. The fist is tax policy: top tax rates have moved in
    the opposite direction from top pre-tax income shares. The second factor is a richer
    view of the labor market, where we have contrasted the standard supply-side model
    with the alternative possibility that there may have been changes to bargaining
    power and greater individualization of pay. Tax cuts may have led managerial energies
    to be diverted to increasing their remuneration at the expense of enterprise
    growth and employment. The third factor is capital income. In Europe?but less
    so in the United States?private wealth (relative to national income) has followed a
    spectacular U-shaped path over time, and inherited wealth may be making a return,
    implying that inheritance and capital income taxation will become again central
    policy tools for curbing inequality. The final, little-investigated, element is the
    correlation between earned income and capital income, which have become more
    closely associated in the United States."

    The Top 1 Percent in International and Historical Perspective
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    LAM just what is you fascination with people who have a lot of wealth? You say it is because they are screwing things up with their greed, their meddling in international affairs, blah, blah blah. I think you are jealous of them. I think you are like the guy who goes out trolling gay bars to find a target to beat up all the while having deep seeded desires to be one of them. Man, believe it or not I worry about you. You need to go find something else before you end up in a 40 year old trailer wearing an aluminum foil fat.

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    Quote Originally Posted by dogsoldier View Post
    LAM just what is you fascination with people who have a lot of wealth? You say it is because they are screwing things up with their greed, their meddling in international affairs, blah, blah blah. I think you are jealous of them. I think you are like the guy who goes out trolling gay bars to find a target to beat up all the while having deep seeded desires to be one of them. Man, believe it or not I worry about you. You need to go find something else before you end up in a 40 year old trailer wearing an aluminum foil fat.
    You would be bitter too if the top 1% was 98% ahead of you..



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