Used for reference and to discriminate as to what is actually occuring, rather than generalizing like a number of people do (which leads to incorrect conclusions and causes.
GDP $15 trillion
National debt 15 trillion (100% of GDP)
Unfunded liabilities 35 trillion
Total, minimum 50 trillion
Revenues 2.5 trillion (2012)
Income taxes 1.4 trillion (2012)
Individuals taxes 1.16 tr
Tax Rich legislation, 4/12 .0047 trillion ($47 billion over 10 yrs, 0.34% of the deficit!)
Spending 3.8 trillion (2007 was $2.8 trillion)
Personal income (all) 13.0 trillion
Total US wealth 57 trillion
All millionaires combined 12 trillion
Recession wealth loss 17 trillion
Per capita GDP (PPP) of $48,147
WHO'S PAYING THE INCOME TAXES, WHO'S GETTING THE INCOME
Total US Individual
Wealth Income Taxes Wealth Income
Top 1% 40% 24% 40% $960,000 (bottom $367,000)
Next 19% 50%
Top 10% 58% 44% 68%
Top 25% 87%
Bottom 50% 13% 3%
1979 and 2007 the 60% of Americans in the middle of the income scale saw their income rise by 40%.
Education is a key factor. (College educated unemployment is about 4%. High unemployment if not high school grad.). See Income Inequality, Poverty.
CAUSES OF HIGHER INCOME AND/OR HIGHER GROWTH
Tax deductible plans
Produce higher value - Knowledge jobs, higher productivity
Education to "upskill"
(1) The average number of people with jobs in a top income quintile household is two, while a majority of bottom income quintile households have no one employed.
(2) The lowest quintile households, however, include a lot more single-person households.
(3) 75% to 80% of the actual income for bottom quintile households is transfer payments (aka “welfare”) that are not included in IRS income data.
INCOME AND EDUCATION, RACE
2004, 2003 average : Wealth Income
No high school diploma 136.5 22.7 High school diploma 196.8 36.8 % graduate from high school Some college 308.6 45.9 College degree 851.3 68.7
Professional degree 100.0
White non-Hispanic 561.8 65.3 Nonwhite or Hispanic 153.1
Hispanic or Latino 45.9
In 2008, the unemployment rate for African Americans 25 years and older without a high school diploma was over 14 percent. In 2005, only 55 percent of all black students graduated from high school on time with a regular diploma, compared to 78 percent of whites.
Georgia had the lowest overall graduation rate in the nation with 54% of students graduating, followed by Nevada, Florida, and Washington, D.C.