Wall Street’s Bonus Binge in Perspective

[marmar]

from Too Much: A Commentary On Excess and Inequality:



Wall Street’s Bonus Binge in Perspective
A relative handful of Americans, says a key congressional panel, will take home more this year than half the nation’s taxpayers combined.

By Sam Pizzigati


Americans worried about the ever-intensifying concentration of wealth at America’s economic summit have been focusing of late, quite understandably, on the latest annual round of Wall Street bank bonus awards.

But we now have even more reason to worry about our savagely unequal distribution of income and wealth — from researchers at the congressional Joint Committee on Taxation. Earlier this month, that panel released income estimates for the coming year. They make for a sobering read.

In 2010, the tax panel calculates, a little over 1 million U.S. taxpayers will report incomes over $500,000. These 1 million top-earners will collect an astounding $241 billion more in income this year than the just under 80 million taxpayers who will take home less than $40,000.

Wall Street’s movers and shakers did their best last week to camouflage their contribution to this enormous national income imbalance. ..........(more)

The complete piece is at: http://toomuchonline.org/wall-streets-bonus-binge-in-perspective/