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Millennials Set To Earn Less Than Generation X (bbc.com)
Reader AmiMoJo writes: Millennials are set to become the first generation to earn less than their predecessors, new research suggests. The Resolution Foundation found that under-35s earned 8,000 pound ($10,600) less in their twenties than Generation X workers. If wages for millennials follow the same path as Generation X, average career earnings will be about 825,000 pound ($1.1m). That would make them the first generation to earn less than their predecessors over the course of their working lives. Research found that some of the pay squeeze was due to under-35s entering the job market as the recession hit, but it also concluded that generational pay progress had ground to a halt even before the financial crisis struck in 2007/8.
The only social nets I can spot currently are keeping banks and other "important" entities propped up. Can't identify any normal people in there.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
Top Marginal Income Tax Rate, 1950: 90%
Top Marginal Income Tax Rate, 1970: 70%
Top Marginal Income Tax Rate, 1990: 29%
Top Marginal Income Tax Rate, 2000: 39%
Top Marginal Income Tax Rate, 2010: 35%
Top Marginal Income Tax Rate, Today: 39%
Source: https://en.wikipedia.org/wiki/...
Citation on the "two times more" bit, please.
The social programs have been raised to the maximum sustainable level - really, they couldn't be any higher without creating a positive feedback loop, eliminating more of the private sector in favor of benefits, as some argue already has happened to some extent.
That's funny, because around here we have much more extensive and well-funded social programs. Oddly enough, no such positive feedback loop has happened. Rather the opposite, in fact.
Eat the rich.
Top Marginal Income Tax Rate...
Top marginal rates really aren't that informative, because relatively few pay them... and when they were really high almost no one paid them.
For a better comparison, look at the middle quintile (or median, but middle quintile works). Unfortunately the source I found only has data from 1979-2011:
Middle quintile total average federal tax rate, 1980: 18.9%
Middle quintile total average federal tax rate, 1985: 18.0%
Middle quintile total average federal tax rate, 1990: 17.7%
Middle quintile total average federal tax rate, 1995: 17.1%
Middle quintile total average federal tax rate, 2000: 16.5%
Middle quintile total average federal tax rate, 2005: 13.8%
Middle quintile total average federal tax rate, 2010: 11.5%
Of course, that's federal only. I should say that the trend there is the opposite of what I thought it was, since my tax rates have been steadily increasing over that time range, but that's clearly because my income has been steadily increasing.
The trend of all quintiles is pretty steadily downward. Here's a chart I threw together: https://docs.google.com/spread...
So I'd have to say the claim that we're being taxed twice as much is blatantly false, at least in terms of federal taxes. And I don't think state taxes have gone up much, but I'll let someone else find that data.
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