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Ten Numbers the Rich would like Fudged
 
 
Ten Numbers the Rich would like Fudged The numbers reveal the deadening effects of inequality in our country, and confirm that tax avoidance, rather than a lack of middle-class initiative, is the cause. 1. Only THREE PERCENT of the very rich are entrepreneurs. According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds. 2. Only FOUR OUT OF 150 countries have more wealth inequality than us. In a world listing compiled by a reputable research team (which nevertheless prompted double-checking), the U.S. has greater wealth inequality than every measured country in the world except for Namibia, Zimbabwe, Denmark, and Switzerland. 3. An amount equal to ONE-HALF the GDP is held untaxed overseas by rich Americans. The Tax Justice Network estimated that between ... more

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