Income flowing to the top 1% is at a record high

The economic recovery belongs to the rich. It seemed ominous in 2007 when the share of national income flowing to America’s top 1% of earners reached 18.3%: the highest since just before the crash of 1929. But whereas the Depression kicked off a long era of even income growth the rich have done much better this time round.

 

 

Continue reading… “Income flowing to the top 1% is at a record high”

Complexity of U.S. tax code runs amok

U.S. tax code complex

If anybody has the right to tell people “I told you so,” it’s Nina E. Olson, the national taxpayer advocate.  She recently submitted her annual report to Congress and top on her list of things that need to be fixed is the complexity of the tax code, which she called the most serious problem facing taxpayers.

 

 

Continue reading… “Complexity of U.S. tax code runs amok”

Does higher intelligence mean higher income?

household income

What is the correlation between intelligence and income?  Razib Khan, Gene Expression, used the GSS’s WORDSUM variable to indicate intelligence, which has a ~0.70 correlation with IQ. He used REALINC for income, which is indexed to 1986 values (so it is inflation adjusted) and aggregates the household income.  and then Razib limited his sample to non-Hispanic whites over the age of 30 ( this also limited the data set to respondents from the year 2000 and later).

Continue reading… “Does higher intelligence mean higher income?”

Discover the Hidden Patterns of Tomorrow with Futurist Thomas Frey
Unlock Your Potential, Ignite Your Success.

By delving into the futuring techniques of Futurist Thomas Frey, you’ll embark on an enlightening journey.

Learn More about this exciting program.