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Yeah!!!! Cut to the bone....don't tax the ones you answer to, the ones out to take that last 12.3 percent of total wealth, still in the grasp of the poorest 240 million residents!


http://www.levyinstitute.org/pubs/wp_589.pdf (bottom of page 32)


"..it is possible to provide a partial update of the wealth figures to July 1, 2009 based on two notable developments.... ...Trends in inequality are also interesting.... The share of the top 1 percent advanced from 34.6 to 37.1 percent, that of the top 5 percent from 61.8 to 65 percent, and that of the top quintile from 85 to 87.7 percent, while that of the second quintile fell from 10.9 to 10 percent, that of the middle quintile from 4 to 3.1 percent, and that of the bottom two quintiles from 0.2 to -0.8 percent. ..the share of households with zero or negative net worth, from 18.6 to 24.1 percent."


http://www.federalreserve.gov/pubs/feds/2006/200613/200613pap.pdf

30 January 2006
Currents and Undercurrents: Changes in the Distribution of Wealth, 1989 to 2004

...Ownership shares. For some assets, the distributions of the amounts held are far more disproportionate than the differences in ownership rates. MOST STRIKING is the 62.3 percent share of business assets OWNED BY THE WEALTHIEST 1 percent of the wealth distribution in 2004 (table 11a); the NEXT-WEALTHIEST 4 percent OWNED ANOTHER 22.4 percent of the total. Other key items subject to capital gains also show strong disproportions: THE WEALTHIEST 5 PERCENT OF FAMILIES OWNED 61.9 percent of residential real estate other than principal residences, 71.7 percent of nonresidential real estate, and 65.9 PERCENT OF DIRECTLY- AND INDIRECTLY HELD STOCKS. For bonds, 93.7 PERCENT OF THE TOTAL WERE HELD BY THIS GROUP...."


http://hussmanfunds.com/wmc/wmc080922.htm

September 22, 2008 An Open Letter to the U.S. Congress Regarding the Current Financial Crisis John P. Hussman, Ph.D.

Why on earth would Congress put the U.S. public behind these bondholders? ...