When upper 40% own 95.3% of everything, but pay less as tax, is it fair?

blowing away the idea rich pay too much in tax - - If richest 40% own 95.3% of everything, and do not pay 95.3% of the cost of government, then the tax system is biased against the poor - Proving once again that our media does use Google:
Search terms were: 1 distribution of wealth in us, 2.wealth and distribution. 3. us distribution of wealth, 4.us and 1998 and stat or statistic or statistics gini coefficient

Here is a summary of the statistics for the distribution of wealth in the US as of 1998, the most recent information available that has been fully analyzed:

% of US Population % of Wealth Owned
==========================================================
Top 1% 38.1%
Top 96-99% 21.3%
Top 90-95% 11.5%
Top 80-89% 12.5%
Top 60-79% 11.9%
General 40-59% 4.5%
Bottom 40% 0.2%


You can find this illustrated in a graph at United for a Fair Economy (UFE):
http://www.ufenet.org/research/wealth_charts.html

You can also find additional graphs and charts on US income trends at the UFE site:
http://www.ufenet.org/research/income_charts.html

These figures are based on research by New York University Economics Professor Edward N. Wolff. In his April 2000 working paper titled "Recent Trends in Wealth Ownership, 1983-1998", Wolff used statistics from the Surveys of Consumer Finances to address several issues surrounding the concentration of wealth in America.

Working Paper No. 300
http://www.levy.org/docs/wrkpap/papers/300.html

According to Wolff's figures, about 70 percent of the wealth in the US is in
the hands of 10 percent of population. He also notes that the disparity
between the distribution of wealth rose from 1989 to 1998, although the pace of the inequity was slower in the 1990s.

In addition to the Surveys of Consumer Finances, there are two other major
sources of data on American wealth:

The U.S. Bureau of the Census Survey of Income and Program Participation
(SIPP): http://www.sipp.census.gov/sipp/pubsmain.htm

The Institute for Social Research's Panel Survey of Income Dynamics (PSID):
http://stat0.isr.umich.edu/psid/data-center/dcmain.html

The data and methodology for each of these sources varies. As a result, the
distribution statistics produced by each of these sources may also vary.

For the purposes of his analysis, Wolff defined wealth as "marketable wealth" or "net worth," meaning the current value of all marketable assets (real estate, cash, savings, bonds, stocks, pension plans, trust funds, etc.) minus the current value of debts. He excluded durable goods like automobiles and house wares and social security benefits from his definition of marketable assets.

While researching your question I found other graphs that detail the
disparities in income. It's important to remember that although wealth and
income are strongly correlated, they are different. More factors are taken into consideration when calculating wealth and as a result, it is probably a more accurate indicator of how money is distributed in the US.

Here are some additional resources on wealth and income:

US Census Bureau
http://www.census.gov/dusd/MAB/wp233.pdf
1999 report on the wealth of US families

US Census Bureau -- Census 2000
http://factfinder.census.gov/servlet/BasicFactsTable?
_lang=en&_vt_name=DEC_1990_STF3_DP4&_geo_id=01000US
Detailed table on income and poverty statistics

http://factfinder.census.gov/home/en/sf2.html
Additional statistics on households and families arranged by state

Understanding the US Distribution of Wealth
http://minneapolisfed.org/research/qr/qr2122.pdf
Comprehensive report based on 1997 data

Century Foundation
http://www.policyideas.org/Issues/Social_Economic/Household_Wealth.pdf
Graphs and analysis based on 1998 US Census data

Review of Income and Wealth
http://www.iariw.org/articlelinks.htm

Survey of Consumer Finances
http://www.icpsr.umich.edu:8080/ABSTRACTS/03155.xml?format=ICPSR
http://www.federalreserve.gov/pubs/oss/oss2/2001/scf2001.information.html
Comprehensive survey on consumer income, assets, debt, and major transactions

Unequal Income Distribution in the United States
http://home.rochester.rr.com/jerryfisher/income.htm
This is based on 1995 and 1996 data. Scroll down to the bottom for information on distribution by country

Center on Budget and Policy Priorities
http://www.cbpp.org/2-26-01tax.htm
IRS data on after-tax income trends

The L-Curve By David Chandler
http://www.davidchandler.com/lcurve/
Based on 1997 data income. Includes easy-to-understand graphs on income
distribution

Online Dictionary of the Social Sciences
http://datadump.icaap.org/cgi-bin/glossary/SocialDict/SocialDict?term=LORENZ%20CURVE
A definition of the L-Curve

Online Dictionary of the Social Sciences
http://datadump.icaap.org/cgi-bin/glossary/SocialDict/SocialDict?term=GINI%
20COEFFICIENT
A definition of the Gini Coefficient

If you are looking for a geographical breakdown of the distribution of wealth in the US, here are some additional links:

US Census Bureau
http://landview.census.gov/prod/1/pop/p60-189.pdf
An analysis of income, poverty and benefits based on results from the 1990
census

Center on Budget and Policy Priorities
http://www.epinet.org/studies/pullingapart/1-18-00sfp.pdf
A January 2000 state-by-state analysis of income trends. Based on data from
1978 to 1988

Forbes.com
http://www.forbes.com/2001/06/22/2001maps.html
Search for the world's richest people and click on the map for more information

the media is gone and is a tool of the rich.

thnaks for your data

Perhaps it would be better if we had a wealth tax instead of an income tax.

I think it's something worth looking into.

Don't know if it's a good idea or not offhand, but it does bug me that the super rich families like the Kennedys and Rockefellers have their money in tax free bonds and trust funds so they only pay a bit of tax on the little income they take each year.

hiding wealth is not.

In this country, from an accounting standpoint, we value something the *lower* of its cost or market value.

Some wealth can change value dramatically year to year, for example, I buy shares in a company. I hold onto it for five years.

In the third year it goes up dramatically, but I hang onto it, until year 5, however, its value at the time of sale (and the profit I actually REALIZE) will be much lower than the wealth I was taxed upon in year 3.

Is that honestly fair? I don't really think so, but perhaps I should have been taxed upon my basis? Maybe so.

I still think a national PROPERTY tax, added to the taxes that are ALREADY COLLECTED by localities, would be quite easy, but there are problems with that as well, beyond the scope of this thread.

Keep thinking along these lines, however! I like it!

Fair though...I believe the propaganda goes something like
"rich people have a right to their money" ...

few realize it's government subsidized.

we have some more info on www.noslaves.com/taxes.htm