A progressive tax is a tax in which the tax rate increases as the taxable amount increases. The term progressive refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate. The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay a larger proportion of their income compared to the rich.
Economic inequality is an umbrella term for a) income inequality or distribution of income, b) wealth inequality or distribution of wealth, and c) consumption inequality. Each of these can be measured between two or more nations, within a single nation, or between and within sub-populations.
In economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world.
Trickle-down economics is a pejorative term for government economic policies deemed to disproportionately favor the upper tier of the economic spectrum eventually benefit the economy as a whole. The principle is founded on the idea that spending by this group "trickles down" to those less fortunate in the form of stronger economic growth. The term has been used broadly by critics of supply-side economics to refer to taxing and spending policies by governments that, intentionally or not, result in widening income inequality; it has also been used in critical references to neoliberalism.
International inequality refers to inequality between countries, as compared to global inequality, which is inequality between people across countries. International inequality research has primarily been concentrated on the rise of international income inequality, but other aspects include educational and health inequality, as well as differences in medical access. Reducing inequality within and among countries is the 10th goal of the UN Sustainable Development Goals and ensuring that no one is left behind is central to achieving them. Inequality can be measured by metrics such as the Gini coefficient.
Sir Anthony Barnes Atkinson was a British economist, Centennial Professor at the London School of Economics, and senior research fellow of Nuffield College, Oxford.
The One Percent is a 2006 documentary about the growing wealth gap between the wealthy elite compared to the overall citizenry in the United States. It was created by Jamie Johnson, an heir to the Johnson & Johnson fortune, and produced by Jamie Johnson and Nick Kurzon. The film's title refers to the top one percent of Americans in terms of wealth, who controlled 42.2 percent of total financial wealth in 2004.
United for a Fair Economy (UFE) is an American left-leaning nonprofit organization. Co-founded by Chuck Collins and Felice Yeskel in 1995, it describes itself as "raising awareness that concentrated wealth and power undermine the economy, corrupts democracy, deepens the racial divide, and tears communities apart...supporting and helping build social movements for greater equality." Its current executive director is Jeanette Huezo.
Samuel Stebbins Bowles, is an American economist and Professor Emeritus at the University of Massachusetts Amherst, where he continues to teach courses on microeconomics and the theory of institutions. His work belongs to the neo-Marxian tradition of economic thought. However, his perspective on economics is eclectic and draws on various schools of thought, including what he and others refer to as post-Walrasian economics.
Income inequality has fluctuated considerably in the United States since measurements began around 1915, moving in an arc between peaks in the 1920s and 2000s, with a 30-year period of relatively lower inequality between 1950 and 1980.
The inequality of wealth has substantially increased in the United States in recent decades. Wealth commonly includes the values of any homes, automobiles, personal valuables, businesses, savings, and investments, as well as any associated debts.
Emmanuel Saez is a French-American economist who is a professor of economics at the University of California, Berkeley. His work, done with Thomas Piketty and Gabriel Zucman, includes tracking the incomes of the poor, middle class and rich around the world. Their work shows that top earners in the United States have taken an increasingly larger share of overall income over the last three decades, with almost as much inequality as before the Great Depression. He recommends much higher marginal tax rates, of up to 70% or 90%. He received the John Bates Clark Medal in 2009, a MacArthur "Genius" Fellowship in 2010, and an honorary degree from Harvard University in 2019.
Thomas Piketty is a French economist who is a professor of economics at the School for Advanced Studies in the Social Sciences, associate chair at the Paris School of Economics (PSE) and Centennial Professor of Economics in the International Inequalities Institute at the London School of Economics (LSE).
Income inequality in India refers to the unequal distribution of wealth and income among its citizens. According to the CIA World Factbook, the Gini coefficient of India, which is a measure of income distribution inequality, was 35.2 in 2011, ranking 95th out of 157. Wealth distribution is also uneven, with one report estimating that 54% of the country's wealth is controlled by millionaires, the second highest after Russia, as of November 2016. The richest 1% of Indians own 58% of wealth, while the richest 10% of Indians own 80% of the wealth. This trend has consistently increased, meaning the rich are getting richer much faster than the poor, widening the income gap. Inequality worsened since the establishment of income tax in 1922, overtaking the British Raj's record of the share of the top 1% in national income, which was 20.7% in 1939–40.
We are the 99% is a political slogan widely used and coined during the 2011 Occupy movement. The phrase directly refers to the income and wealth inequality in the United States, with a concentration of wealth among the top-earning 1%. It reflects the understanding that "the 99%" are paying the price for the mistakes of a tiny minority within the upper class.
Edward W. Conard is an American businessman, author and scholar. He is a New York Times-bestselling author of The Upside of Inequality: How Good Intentions Undermine the Middle Class and Unintended Consequences: Why Everything You've Been Told About the Economy Is Wrong; and a contributor to Oxford University Press' United States Income, Wealth, Consumption, and Inequality. Conard is an adjunct fellow at the American Enterprise Institute for Public Policy Research. Previously, he was a managing director at Bain Capital, where he worked closely with former presidential candidate Mitt Romney.
Benjamin Ingrim Page is the Gordon S. Fulcher professor of decision making at Northwestern University. His interests include American politics and U.S. foreign policy, with particular interests in public opinion and policy making, the mass media, empirical democratic theory, and political economy. In 2014, Page, alongside co-author Martin Gilens, appeared on The Daily Show to discuss their study that found the policy-making process of American politics is dominated by economic elites.
Gabriel Zucman is a French economist who is currently an associate professor of public policy and economics at the University of California, Berkeley‘s Goldman School of Public Policy, Chaired Professor at the Paris School of Economics, and Director of the EU Tax Observatory.
Felice Yeskel was an American activist who advocated for LGBT rights, class issues, and economic equality. Yeskel founded and ran, for 14 years, the Stonewall Center at the University of Massachusetts, Amherst; Yeskel also co-founded United for a Fair Economy and Class Action.
The Wealth Defense Industry is described as "an army of lawyers, consultants, accountants, and more who get paid millions to help their clients hide trillions" - and is generally thought of as a vanguard of economic and legal actors involved in sustaining and hiding activities which hoard wealth from a wider (poorer) community, be it a nation, area or government. This can be done legally. Chuck Collins, heir to the Oscar Mayer fortune has somewhat confirmed the existence of The Wealth Defense industry and advocates against them on moral and emotional grounds. The language describing the phenomena originates within the political and behavioral sciences.
