Please answer the questions on the worksheet as you read using the links and charts.

******** ************ ** *** ****** ****** today ** ** fact * ******* ******* **** *** **** thirty ***** ** have faced * phenomenon ** never had ****** ** *** ******* ** *** United States ** **** *** rising **** wages ** America roughly from the beginning of *** ******* ** ***** *** 1970s If you ****** hard you *** more ***** ** your wage ******** ** *** *** ** the week **** was **** *** *** ***** **** *** really ******* and no ***** ******* did ****** ******* ** the ***** ******* ** computers replacing ****** ******* ** ******** ********* moving abroad so **** ***** pay ***** ***** because ** * **** ******** of ***** **** *** ***** ***** *********** and we went **** * ******* **** a chronic ***** shortage ** * country **** * ******* ***** ********** ********* ** longer *** to ***** wages ** **** ******* ******* ** **** them happy and **** them *********** ** ****** the American ******* ****** went into * kind ** ********* ******* ***** ***** ***** ********* ****** *** more And ** what **** *** was they turned ** ******* ****** ** ***** ** ******* *** American ***** **** they had been ********** ********* to hope *** ** expect ** promise ** their ******** borrowed money like crazy And *** ******** community ** the United States saw ** *** ********* ** *** ******** working ***** * fantastic ****** ** ** after You **** ** *** ***** ** *** ********* the **** ****** who had * ****** **** **** wealthy ****** ** ***** ** ******** ******* ******** Starting ** *** ***** ** gave ****** to *** **** ** ********* ********* **** * credit card and ********* *** ** ** the **** to ****** to buy * **** ******** **** ****** **** **** ********** *** * money-making ************ ** *** *** *** ******* **** ******** *** *** ******** ** this ***** ******* houses lending ******* at huge ******** ***** the money **** ***** to *** *** *** and expensively built ***** ******* people poured their money ** ** ********* that ***** these ***** ********* these homes decorated these ***** and *** *** a literal ********* ** profitabilityBut of ****** *** can’t **** ******* ** ******* ****** ** their underlying ******** ********* isn’t ********* So ** *** **** * ****** ** time ***** the ***** borrowing ******* the ***** ** the ********** ****** stagnant ********* was *** in **** ******** ** ********* ***** no longer ****** *** ****** that **** *** ******** ** buy *** foreclosure ****** represents *** **** *** ***** ** the ******* class If *** ********** ****** **** **** ***** ** can’t *** *** **** they’re going to **** those houses **** ***** those ****** *** ** their homes *** try to **** ******* *** ** **** money Here’s * ******* ******* ** *** ****** ****** ******** * ******* **** **** ******* a bust *** that *** ** ****** *** money ** *** minority ** ******** in ** ******** millions ** ****** *** ******** to literally **** their ***** ********* ** *** ****** States ** **** *** **** * ******* **** *** millions ** ***** ***** **** ** **** **** ******** ** ******** ************** ******** *** ****** ** *** ****** ****** ********** by big ********** ********** **** ******* ***** **** ***** **** that produce ************ ********* the ********** that ******* the ********* **** goes **** the homes *** ** ***** ********* **** put ******** pressure on the ********** in *** **** *** ***** to ********* *** ********* everything having to ** with *** **** construction ******** **** ***** *** government ** ********* mortgages ***** ******* **** doing ** ******* ***** *** ***** **** ****** the ********** ** help individuals *** ***** ******* their ********** ** ************ ******** ** selling ***** homes selling *** furniture selling *** equipment **** *** *** ****** *** *** ***** ***** *** ***** corporate structure of *** ****** ****** *** **** geared to ****** ***** ** developing *** ******* **** ******** **** *** *** **** *** have made the major ********** ** all ** ** ***** house ********* ****** *** sold ** the ****** ****** **** the **** ** ***** with **** few ********** *** **** *** with * ******* **** **** ** *** buyer of * home **** ** ********* a **** *** ******* *** ***** **** which ** buy *** house *** *** ** make a ********* repayment ** *** bank *** ****** ******** that ******* * loan ** *** *** ****** *** ******** *** *** ****** In *** **** ** capitalist ******* ** is the **** **** * ****** has *** ****** responsibility ** properly ********* **** ** billions **** ******** ** dollars **** **** ** people *** ********** *** it back **** *** *********** ** ** least ** **** from *** side ** *** ******* who **** those ***** ** ** ** ** *** borrowers *** **** **** ************ vast ******* of ***** ** *** ***** took off in the ***** *** 80s *** *** It *** *** ******** ****** ** if ******** ***** ** ***** the ****** ******** have ** explain *** *** ****** ********* ***** *********** ********** jus **** *** *** for ******* ** *** ******** *** years And now the **** ********* point ***** * **** earlier: Starting ** *** 1970s *** ******** working class ******* ******* real **** ***************** ****** Senate1990 $407556 $3870 6212018 ******** ***************** ****** ** ************* ***** ****** trade associations *** ***** *********** ************* ***** ******** ** dollars each **** to ***** ******** *** ******* agencies Some ******* interests retain ******** firms **** ** **** ******* along ************ ********* K ******* others **** ********* ******* ************** ******* ***** ** **** got **** **** * little ****** **** the way **** *** ****** **** ** his ****** * ****** ****** ***** ************ that it *** ******* he *** ******* ***** ********** *** floating ****** *** real problem ** that ** *** ****** ******* ***** the economics of taxation ************* *** economics ** ******** ***** ** ** * ******* ** ** deeply ******** of ***** isn't ****** * ***** ************* *** *** sort of *********** talks ** experts **** *** ***** ** ********* ** **** here ************* *** individual ****** tax effective *** ***** ******** ** ******* ****** *** ******* by ******** ***** ****** ***** **** ****** ************* over the **** ***** ******* *** ***** in the *** * percent of *** ****** ************ The ********** ****** *** still is *********** meaning **** ********* *** ***** **** ** ** up **** income *** *** ********* *** ***** *** ***** ******* **** ******* ************* **** ******* those ** *** *** ** percent of *** ****** ************ the ********* tax ***** **** still *********** **** ******* 1995 effective *** ***** **** progressive even ****** the *** *** percent ** **** those **** the highest ******* ***** progressively higher rates But by **** *** effective tax ***** of the **** ******* income earners **** ***** *** **** as *** **** ** *** * percentIn **** when *** *** statutory ****** *** **** *** ** ******* the effective tax **** ** *** top * ******* was ***** ** percent ********* with even ****** ******* faced **** ****** ********* *** ***** ******* ** about ** percent ** income *** ***** ** *** *** **** ******* ** other ***** those taxpayers **** ***** 65 ******* ** ***** AGI ** federal income ******************** ********** billionaire ****** ***** **** *********** It is **** hard ** **** the case *** *** ******** ******* ** ********* ****** *** ******* there is * ****** case *** *** **** **** it ********** ****** mobility *** economic ******** ** creates ******* a *** *********** *** are **** simply ******* ***** ******* were **** which is **** ** *** ** * **** ************ ********* or ******* ** ***** ways ******* ****** ***** on a momentum of *** *** *** ********** have *** ***** ** spend ** the **** ********** ****** and *********** ****** *** ********* ********* by ** ******* of 11 ******* a ******* ****** **** rates ******** ****** can *********** median ****** ** *** ** ********** ********* **** ****** ** **** ** $63277 in **** ** ******** of *** (incomes ** 2011 dollars) *** **** proved to ** the peakQ8Hanauer say a ****** *** ***** dilute *** largest ******** ** *** US *** ******** *** ********* of * ********** ** ***** ********* *** wealthy ** ********* ***** ******** by spending the ***** ****** ** ** charity ** giving it ** ***** ******** ** ***** *** *** *** **** ** ** would ***** ***** a *** ** ******** * capitalist ******* *** **** *** ******** *** ********* *** ****** class *** ****** *** **** ** **** *********** **** **** *** ****** class is *** single smartest thing ** *** ** for *** ****** ***** *** **** *** *** ************* ******** ********** ** the ****** States *** ****** * central ***** ** *** **** *** *** ********** presidential ********** and *********** ***** ****** interventions **** might **** address it *** ****** to ****** at *** ********* ** *** **** ******* *************** **** **** *** ***** wealth distribution ***** be *** in which the *** 20% ***** ******* 30 *** ** ******* ** *** ********* held ****** ***** ** * *** *** **** *** ** ******* **** *** *** *** ******** *************** ** the *** *** ** the ********* ******* ***** ** promised ********** ******** *** security ** ********* ******* ****** *** tyranny ******** *** ******** only ** *** ***** **** ******** *** equal ** *** ** *** miseryQ13There *** about *** ******* ****** ** *** ** *** 1 percent of that ** 35 million but ** ******* **** ***** *** ****** ******* **** **** ** percent ** *** US GDP **** the ********** ****** ** ** *** So ** present ** the ** ***** * ******* ****** are ** the *** 1%Q14 *** top ** *** ___35______ * ** *** the wealth while *** bottom *** **** *************** *** *** 1% receives __20____% ** all ****** ***** ***** in 1976 **** ******************** *** Top ** **** ******** ** ****** ***** *** ****** ***** ***** *** ****** *** own *********** *** ******* ****** has ** **** _______24hrs______________to **** **** ***** *** ***** in1 ********* ****** misperception is that *** ****** * ******* ** *** better-off *** citizens ** that country areQ19Wilkinson ********* this ****** and ***** **** ***** ** no correlation ******* life ********** *** the average ****** of * ************** he shows **** ***** ** * ****** *********** between income inequality *** a ****** ** ****** ******* **** he and his team ******** *** ****** the "Index ** ****** *** ****** ********* **** *********** ** **** for each ** *** social problems he ********* **** expectancy **** ***** ******** ****** mortality ********* ************ ******* ****** ***** ******* ****** ******* * ********* **** *** ******* addiction and socialmobility ** ***** **** "the **** ******* countries *** doing ***** ** ****** ******************** ** ***** wellbeing *** associated with socioeconomic status ****** *** ****** problems associated **** *** ************* status **** ** ** more ****** ** ********* **** ****** *********** ** ****** ******* **** *** **** ** * ****** study ** found **** ** *** ***** *** *** ***** ******** death rates **** ******* ****** ********* that tended to ** ****** ** **** ******* societies  Q21Estimates *** ** ***** ******* for ******* *** ***** of output ******** ** different ******* **** agriculture ******** ********* ******** *** They **** ****** the ************ and ************ ** ********* ******* to the national ***************** inequality makes ****** **** trusting ******* on how **** ******** income ********** within ***** ******** social context and ****** ************* ****** ************* ** **** *** ****** * ******* is the better-off the ******** ** that ******* *** ********* ********* this notion *** ***** **** ***** ** no *********** ******* life ********** *** the average ****** of * ***************** ** ***** that ***** ** * ****** *********** between ****** ********** and * number ** social ******* **** ** and *** **** combined *** ****** *** ****** ** Health *** Social ********* This *********** ** true for **** of the social problems he ********* **** ********** **** ***** ******** ****** ********* ********* imprisonment ******* births trust ******* ****** ******* - including **** and ******* addiction *** socialmobility ** ***** that **** **** unequal ********* *** doing worse ** ****** ****************** ***** *** ******** a step ******* *** ***** at the ******** ****** *** ********** ******* *** **** - *** **** unequal *** state *** ***** it ******** ** *** ****** ************* ********* **** *** notion **** *** *** improve *** quality ** ***** **** ** ******** the *********** ** ****** ******* ****** probably ******* **** mebut * ** one of those ** percentersthat *** hear ***** *** **** ******** I ** by *** reasonable ********** * plutocratAnd ******* **** I ***** like ** ** ** ***** directlyto other ********** ** my ************* ** feels like it’s time *** ** ***** have a ******** **** plutocrats I *** ** * ******** ************ *********** **** founded cofounded ** ********** 30 ********* across * range of *********** *** *** ***** ********** ******** in ********** ********* * ******* ****** a Quantivethat ** **** ** ********* for ** ******* ********* friends *** I ** *** * ***** tell *** this ********** ************ right?Q26I tell you this ** ******** my **** is like **** plutocratsI have * ***** *********** ** capitalismand *********** * have **** ******** ********* *** thatwith * **** **** most ** you ********** even **************** ***** a ***** ** *** ******** *** ****** ******* ** ******* * ** *** the ******** ****** ******** **** **** am ********* *** *** hardest ******** was * ******** studentI’m *** ********* ** allI ******* ***** * **** ** ********* my ******* ** *** ************* *********** luckof ***** ** ************ and of ********* * ** actually ****** **** ** a couple ** thingsOne * **** an ********* **** ********* *** riskand the other ** I have a good sensea good ********* about **** **** happen ** the ********* * think **** **** ********* ***** *** ******** *** ******* ** **** entrepreneurshipQ27So what ** * *** ** *** ****** ******** ***** *** ************ ** ***** **** **** ***************** ***** ****** **** ** ************* living ****** the dreams of avaricethe ***** ** ******* of our ****** citizensare falling ******* *** farther behindIn **** *** top one ******* ** *************** about ***** ******* of national [income]while the ****** 50 ******* of *************** ** ************* ***** ***** today *** *** *** percentshares **** ** percent ** national [income]while *** ****** ** ******* ** ************** 12 ** 13If *** ***** ************ *** *** ******* will ********* ** ******* of ******** ********** another ** yearswhile *** ****** ** percent of ************* share **** ********* *** *** ******* ******* **** we ******** ************** ********** ** ************ a **************** ********** democracyThe problem ** **** ************ at ******** ***** ******** ****** ******* ***** ***** ****** ** wealth ***** and ************** ** ************* *** **** ***** ****** ******* **** ********** * capitalist democracyto * neo-feudalist ******* *********** ************ ********** *** ************ *** ************* the mobs **** the *************** * **** a message for ** ****** ************* zillionairesand *** ****** *** ******* a ***** bubble ********** ****** ** It ****** lastBecause ** ** ** not do *********** *** the ******* ******** inequities ** *** ********** ********** will **** *** ***** no free *** open ******* can **** *********** **** ** rising ******** ************ *** ***** ******** ***** *** ** *********** show ** a ****** unequal ********** * will **** you * police ******* ** *********** ********** will **** *** **** ** ** not address ********** *** * ****** ** ** ****** ******* it will ** ******** **** **** comefor *********** particularly *** people **** ** ************** **** I **** ***** **** **** ******* do-gooderI’m *** I’m not ****** * ***** ************ ******** ********** ** wrongWhat * ** ******* is **** rising ******** ************ ****** and ultimately ******************** ********** doesn’t **** ******** *** ********* pitchforksbut ****** **** ******** *** ******** ***** *** ***** *** ** **** **** ****** ** ***** ******** **** ******** ********** *** ** daywhich *** ***** *** prevailing wage ** *** ****** ******** just ******** the ************** his factorieshe ********* exploited autoworkers *** **** ******** * thriving ****** ***** *** ***** now affordto buy the ******** **** **** ******** intuited **** ** now **** ** truethat an ******* ** best ********** ** ** ************ ************* ** *** same kindsof ******** ***** you ****** a ******* ********** feedback **** ******* customers *** ***************** ***** ********* demandwhich ********* hiringwhich in **** ********* ******** demand *** ********** **** ******** cycle ** increasing ************ precisely **** is *********** today’s ******** ************** this is *** we **** ** *** ****** ***** ************ ******** that ** dominateboth political partiesand ******* ********* * call ********** economicsMiddle-out economics rejectsthe ************ ******** ******** ********* *** efficient ****** *************** **** **** ******* *********** *** *********** ******* embraces *** **** century ******** ********* *** complex ************************ **** **** **** **** *********** and ****** ************** ********* *** ********* ** ****** are ********* ** **** *********** **** century ***************** *** to clearly see **** capitalismdoes *** work by ************* ****************** resourcesIt ***** ** ************* creating new *********** human *********** ****** ** ************ **** it ** an evolutionary **************** ******** ******* ****** *** ******* ***** ********** *********** ********** ******* * **** ********** a **** ******* *********** *** degree to ***** that societyhas generated ********* ** *** formof products *** *** *********** *** ** *** ************* ** **** ** our ************* is *** ********** *** **** explainswhy companies **** ****** and ********* ********* *** Appleand *** ************* *** ******* ***** ************* *********** so ****** our ********** ***************** ************ *************** makes clearthat **** we ***** ** ** economic ******** **** ********** ***** rate at ***** we solve *********** **** **** is ******* dependent uponhow **** ******* ******* ******* **** problem ******* ** haveand thus *** **** of *** ****** **************** *************** ** entrepreneurs *** can offer ************ ** ********* who ******* ******* **** ********** ************* ************** happen ** ********** ********* ****** by itselfIt requires effort *** investmentwhich ** *** ********* ********** ********** ************** ************* by ******* ************* *** ****** ***** and the ****************** they ****** ******* ********** need ** *** **************** economics thing behind ****** **** that *** ****** we ***** better everyone **** will doIt’s *** **** *** ***** ** be?I **** **** times *** median wagebut * do *** *** **** ***** ** **** ******* *** actually bought *** ***** ** ***** ********* my ******* Mike ******* ******* ****** ***** **** ****** **** ******** **** ***** * do **** ***** (Laughter)How **** ******** can I ******* often *** I ** *** to dinner?No matter *** ******* a *** ********** ***** can ***** ***** * ***** national *********** * ******** ****** ***** *** ** **************** ******* ** ** donemy ********* friends might ******** **** *** ** * different timeMaybe ** ******* ** some *********** ** *** ** **** ********** 19 2013Bloomberg ********* an article * ***** ************ ************** Case *** * *** ******* ********** **** ****** at ****** magazineamong ** biggest ************** it ******* *********** *********** ************** *** just *** ********* **** article *** ******************** ***** ** Murray ****** into ***** ordinance ******* the ******* **** ** Seattleto 15 dollars ** hourmore **** doublewhat *** ********** ******* **** rate isHow *** **** happenreasonable ****** ***** ***** ******** ******* * ***** ** ********** *** ****** classthat **** are *** ******** growth *** ********** ** capitalist *********** reminded **** **** **** workers **** **** moneybusinesses **** **** customersand **** **** *********** reminded them **** **** ************* ******* a ****** ************* *** ******** ** *** burdenof funding the ******* ************ **** ****** and ******* assistanceand **** ************** ***** ******* needWe ******** **** **** low-wage *********** terrible ************ that **** *** ***** *** ******* ******* *** ************* businesses ********** all *** ************* *** ******** ******** ** ******** ******* the ******* **** ***** **** ********** politician’s always echoingthat ************ **** ** saying ****** like“Well if you raise *** ***** ** *************** **** ******** *** *** **** ** it”Q36Are *** ************ there’s some ************ ************* 1980 *** ***** of **** in *** countryhave **** from ***** 30 ***** the ****** ****** *** ************* ******* the ***** ** ************* yet ** ** ********** **** never **** * **************** its CEO’s *** ******** ***** ********* the *** ** ******* **** ** ****** ** be ************* **** *** ****** ******** **** ever ******** *** *** technology ********** financial services ********** **** ********* ** the ****** wageand *** we employ **** *** **** of themso ******* *** *** ***** the ***** ** employmentand get more ** itQ37I **** that most peoplethink that *** $15 minimum wageis **** insane ***** ******** experimentWe disagreeWe ******* **** the *** ******* ****** ********* ******** the ************** * ******* ******** ******** is ******** *** ****** kick **** ******** assBecause *** ************* State already ****** ******* ******* ****** any ***** in *** ******** *** *** workers ********* ** ****** 30 ******* ******** *** ******* ******* of 725but ********* *** ******* morethan *** ******* tipped ******* ** ***** trickle-down ******** were ********* Washington ***** ****** have ******* ******************* ****** ** sliding **** *** oceanAnd *** ********* *** *************** *** **** ** *** ***************** ***** ** ********** small ******** ****** * higher **** **** *** ***** ***** ******* *** nationThe ********** ******** ** ******** *********** Because *** *********** *** ** ********** ****** workers **** **** moneybusinesses have **** ************ **** more *********** restaurants *** restaurant ******* enoughso **** **** **** *** ****** ** *** ** ******************* *** *** *** *** ********** **************** **** *** ********* **** some restaurateurs *** **** ******** ** more *********** than ***** ****** ****** ****** ** ******* are a *** ** ******** at ******* *** ** please **** ************* ** ******** workers **** * ****** bit **************** **** skyrocketand *** ******* **** ************** ** ** ******** *** itThe **** insidious ********** trickle-down *********** *** the ***** **** if the **** *** ************** ** ****** ***** is *** ***** **** ** ***** *** ********* increase ** the minimum wagethat ** *** **** get ********** **** ** *** for the *********** ** nonsenseSo *** ** ****** ******** **** **** rhetoricthat **** that **** **** **** ***** my plutocrat *********** *** country?We ********** ******** ** ** ******* **** ** ***** it ** ********** ** ** *** been **** ********* ******* **** in *** ****** ******** ***** **** **** ** just some **** ******** ********** *** **** of a **** **** ******* fruitIt’s *** **** they don’t **** good entrepreneurs ** ***** ********** **** very **** placesIt’s **** **** ******** ******* those **************** customers *** affordQ39So here’s ** idea *** * new kind ** ********** *** kind ** politicsthat * **** new ***************** *********** **** *************** *** *************** **** **** the **** people ** *********** as entrepreneurs *** as ************ ****** it ************ ** all ***** shrink the **** ** ************* *** ** ******** the ******* *********** by ******** **** ******* *** **** enoughso **** **** actually don’t **** ***** *************** ****** ****** ** *** ****** classto **** *** ******* ****** and **** ************ ** fairer more ***** ************** ** **** ***** *************** able ** generate *** *********** ***** ************ are *** **** drivers ** ****** *** prosperityCapitalism ** *** greatest social ************** *********** ******** ********** ** ***** societiesif it ** **** ********** ********** ******* of *** ************************* dynamics ** ******* ************ towards ********** *********************** and collapseThe **** ** ************* ** ******** the ********* ** *** ****** ***** ** ****** prosperitynot ** ****** *** *** to ********** *************** does create ********** and ******** ******** *** ********** **** ********* ************* *** ***** *********** thriveBalancing *** power ** *********** like ***** ******* isn’t *** *** capitalismIt’s essential ** ********** **** * ********** ******* ************** healthcarepaid sick ******** *** progressive ******** *********** pay *** the ********* *********************** *** the ****** ***** **** ********* R *** Dthese *** ************* *********** *********** ****** ********* ***** ****** because ** *** ******** from ****** ********* ********** ***** **** you *********** ***** ***** ** ** ********* ******** ******** *** I ***** **** ** ** ******** **** **** ****** useto enforce *** encodeour ****** *** moral *********** *** *************** status and powerwhich ** *** ********** **** mehave ****** ****** ** **** ********** storiesto **** ******** ********* why *** ******** ************ ******* ********* *** **** *** ************* ** *** ************* *** *** *********** *** *** ******** tax **** for ** ****** growthbut *********** ** youwill ******* our debtand ******** *** ***** ************ we *********** *** don’tFor ********* ** ***** ***** stories **** calleddivine ********** we **** trickle-down ************ ********* ************* *************** of this isWe ********** need to ******* *** ****** States ** ******* **** usnot *** ***** *** *********** * thriving ****** ***** ** *** sourceof prosperity ** ********** economiesnot * *********** ** ***** ** should ***** ********** **** the **** of us ** *** worst ** **************** ******** by *** **** ** * dirt **** ******* ************** plutocrats I ***** ** *** ** **** *** usto ******** ** our countryto ****** ** a *** kind ** capitalismwhich ** **** more ********* *** more ********** ********** **** **** ensurethat *********** economy remainsthe **** ******* and ********** ** *** ************ ****** *** ****** *** ************ children *** ***** ********** ************* we ***** ** *********** ** *** ***** ************** ******* ************ *** ****** *** yachtsthey’re funand **** for *** pitchforksQ42Almost a ****** *** Warren ******* **** * ***** **** would become ****** He **** **** ** **** * lower tax rate **** *** ********* ****** ** *** many ********* *** deductions **** ******* *** ********** claim ******* a ****** about *** ******** of *** tax ****** ** *** *** *** expert consensus *** that ******** *********** ******** ********* most wealthy ********* did not ******** *** a ***** tax rate than *** middle ***** ***** ** *** ******** the ************* ****** ********** asked ************ *** ** ******* ****** *** **** nowFor *** ***** time on ****** *** *** ********** Americans last **** **** * ***** ***** *** **** ******** ******* ***** and ***** taxes **** *** ***** ****** ***** ********* to newly released ************ * ***** change **** *** 1950s and ***** **** *** ******* paid ****** higher *** ***** **** *** ****** ***** ** ************ **** taxes **** hit the ********** *** hardest **** the ****** tax and ********* tax **** ********* ***** *** avoidance *** ****** **** commonPresident ********* **** *** *** ***** was ******* * ******* ** *** **** ***** * **** *** ** helped push *** *** rate ** *** 400 ********** ********** ***** *** rates for almost everyone ******* overall *** **** on the ******* 400 households **** year was **** ** ******* meaning that ***** ******** *** ******** equaled less **** *** ******* ** ***** ***** ****** This ******* **** *** ** percent ** **** *** ** percent ** ******* ************ *** poor ******** *** ******* ** ********* Federal ****** ***** **** **** ******** ******** for ***** ******** *** **** ********* ********* **** ** ** *** **** *** ******* ** *** ********* *** ** estate tax *** **** *** *** more ** ******* ***** ****** ******* ******** and ****** ********* **** ** the **** **** *** ***** taxes have ******** ****** ******* ******** ****** is **** **** *** **** ** ***** *** ****** ****** *** ****** has ****** ********* **** ****************** and ****** ******* *** history ** ******** ***** as * ******** ******* people *** **** to *** the **** *** ***** *** **** ** ******* *** fortunes of the **** The ***** starts in *** **** ******* **** ******** ******** ******* more *********** *** ******* **** Europe had ************* **** ******* a wealth **** ***** ******* ********* ******** **** ***** jewelry ********* *** ******* ******** colonies ** ******** were ******* ** taxation ********** owners ******* **** ***** ***** undermine ******* ** eroding *** wealth ** shareholders ** *** historian ***** ******* *** explained *** **** sure to **** *** ***** *** *** *** ********** *********** **** *************** ********* ** ***** ********** ******** *** ******* ** raise money *** fight *** ***** War)By the middle ** *** **** century *** high-tax ********* *** ********* *** United ****** *** ******** *** world’s **** *********** *** code with * *** income-tax rate of ** ******* *** * ********* *** **** ***** ** percentBut the ****** **** of *** 20th ******* *** ****** * ******* for *** low-tax **** Companies ***** ways ** **** **** ********** *** ***** ***** *********** *** every *** **** fell ******* ** *** ******** ******** ****** ***** ********** taxes *** ****** *** and the corporate *** *** justification for ***** so was ******* that *** economy ** a whole ***** ********** ************* turned *** to be ***** The wealthy *** **** *** ******* have **** ************* **** **** *** last ******* decades GDP ****** has **** ************* *** ************ ****** ****** **** ******** ******** ******* **** ********* ******** **** **** **** *** ***** ** the **** *** *** *** ********** ** *** **** It was **** ** *** ******* ** the ***** ********** and ****** **** true recently ***** ***** that ******* ******** ***** ******* about ********* *** **** **** ** *** *** **** ***** ** ***** ****** ***** ******** an economy **** works ****** for the **** ******** of *********** ***** book **** *** Zucman ****** *** * ****** progressive *** **** *** overall tax **** ** *** ******* 1 percent ***** ******* ****** to ***** ** ******* *** tax ********* ***** ***** ** ***** **** billion a **** ** * ******* ** *** ****** ** *** for ********* ***** ** infrastructure program ******* ******** ***** ****** *** **** ***** *** *** ***** of policies that do lift ******** ********* ******* part ** *** ****** is * ******* ****** ********* *** ** at ***** ** percent A ******* ***** **** to *** the *** on its profits in *** ****** ****** even if it *** ** headquarters in ******* ** Bermuda **** *** ****** also ***** * ****** tax; ********* ********** version is ***** ** ***** work *** **** **** *** *** ******** ** * ****** ********** Bureau ** help *** IRS crack **** ** *** ******** ******* **** **** **** ******* will *** about these ********* that *** rich **** ****** figure *** * *** to ***** ***** That’s simply *** *** **** **** they will ****** ****** ** ***** some ***** *** history ***** **** ******* ******** ** collect **** ***** usually ********** ******** ***** ** ******* ** tax *** ********** were ****** ****** ** fail why ***** ** many ** *** ********** be ******** so **** ** ****** those efforts?The marginal *** rate ** the **** ** *** ****** ******* incur ** each ********** ****** of income ** *** marginal *** **** increases *** ******** **** ** **** **** ***** *** ****** ****** **** ** ** she *** retained ** previously earned ******* *** systems ********* ******** *** ***** ***** different *** ***** to ********* ****** ** income; as ****** ***** ** is taxed at * ****** **** ** is ********* ** **** howeverthe income is *** *** ***** at *** **** *** rather many ***** ** ** moves ****** *** marginal *** rate *********** **** ** *** ******** rate is ** ***** *** ****** ** ********** *** ********** on *** ********* ** taxpayers more financially **** ** ** ** versus spreading the ****** ****** ** *** ********* ** ********* *** **** to ****** anymore ***** ********** ** ******* *** problems of a ******** *********** ******* ************ ******** *** **** ** the **** ** tax income ******* ***** ** **** ********** dollar of incomeThe ***** *** ****** **** ** ****** ********* ** **** ***** ** ***** *** **** **** not ****** regardless of the individual's incomeAlthough ******* **** ***** *** ******** *** ****** tax rate * ****** income **** ***** ** ***** at **** **** *** levelFlat *** ****** *** ***** tax ****** **** ** modern economics isflat taxes **** flat taxesthe **** **** *** ****** ********** ** the individual's ****** ** ****** how much * ****** ***** ** or *** **** ** taxed ** *** same ********** Supporters ** **** ***** ***** **** **** ****** ** **** ******* ** taxes *** *********** *** ********** ** the same **** ****** **** ****** **** account the ****** of ***** income Flat *** ******* ******* ** not ***** deductionsThis form ** ******** ** ***** ********** **** ********* **** **** * ****** ******* *** ***** ** ****** ******** ** ******* flat *** ** *** **** cause ** growth1Marginal Tax **** ******* ******* ***************** *** ******** **** **************** $20000–$4000020%Between $40000–$6000030%Between *********************** ************* ***** ** * simple example ** * ******** *** rate schedule ** *********** *** rate at ***** ******* ****** of ****** are taxed ** income ***** **** ****** ** income above *** ******** ***** is taxed at * higher **** ** * taxpayer earns more money and ***** **** a higher ****** level ******** *** rates can ************* ******** *** ******* of *** ********** income ******* ** will ** ***** ** a ****** **** As a ****** **** believemarginal tax rates *** ******* ** the ******* ******* **** discourage ****** from working ****** ** **** more money ******** ******* **** ***** *** increase theincome *** **** * larger ****** **** ***** ** ***** at more than one level *** ***** below *********** how the ******** *** **** *********** ************** Tax ********** ******* ** ******** *** **** *********** of Tax OwedLess **** *************************** ************************************ ************************************ *********************************** $10000050%$20000$10000Total$120000$38000As *** table ***** shows ** may ** **** ** think ** *** example ** ***** ** ****** ******* **** $0 ** ******* ** ** ***** ************* it ****** ********* *** ***** ********* income between ** and ****** ** ***** ** 10% ** *** tax **** ** ***** ******* * **** **** income moves **** * new ******** *** **** ***** ** ** ***** above $20000 the ******* income ****** **** $4000 ** *** ******* * 20%) *** **** ******* ** income ** ******** ** *** ***** ** *** ******** ** the ***** ****** **** ** done ** each ****** level ** to *** ********** total income in **** **** $120000 ***** ** the *** **** ******** ***** *** ******* income earner **** * ***** ** $38000 ** ***** ***** ** *** marginal *** rate systemThis ******* **** *********** *** *** ** **** taxpayer's ****** ** ***** ** the **** rate Therefore **** $2000 ** *** is **** at *** ****** income ***** ***** ***** of tax ** incurred ** the ***** level ** *** **** amount ** ***** ******** Many ****** *** confused ** ******** *** ***** ********* *** **** at ***** they **** ** ***** ** * **** **** ***** ** *** ****** ***** **** which **** fall ********* ** this ********* *********** ******* ****** ***** be ***** ** * *** **** making *** ****** ** *** owed $60000Minority **** ***** ******* ****** ***** *** *** brackets **** *** ** **** ***** this ** a ********* ** ****** Ocasio-Cortez’s ******** *** he’s ******* ** * broader **************** ** *** brackets ***** Americans Every *** ****** I **** ****** ** ********** ****** ** ****** who ******* **** *** **** **** ****** ********** *** then *** **** rate ** *** **** income ********* *** ****** **** **** *** a ***** *** it ****** me into the **** ******* ** * paid **** ** taxes” Question *********** ** * reduction of income **** is **** ** be taxed and is ******** * ****** ** expenses ************ ***** incurred ** ******* ********** ****** Tax ********** *** a form ** *** ********** along **** exemptions *** **************** *** ******* ***** *** the *** rate **** *** **** pay for each ******* ** your ****** *** ******* if *** *** a ****** person *** lowest ******** *** **** ** 10 ******* ** ******* ** the ***** $9525 ** your ****** ** 2018 **** ********* *** **** *** ******* ** ** *** *** ** **** taxable incomeQ47In ******** *** *********** ** ********** by using *********** **** or *************** form ** *** ****** ******** *** *** tax ** * ******** ******* ****** ** *** on the bottom ****** ** *** ******* **** *** tax ** *** ******** ****** ****** the ******* $ 3 *** + ( * ** 000 *** * ** *** * ** 30 * * * * *** * * * *** * * 4 *** ************** \$3\000+(\$25\000-\$20\000)\times ***************************** ** *** *** on *** ****** ****** *** *** ******** ***** ***** the ****** **** **** overstates tax ** *** bottom *** ** *** ***************** ******* ** * lot ****** **** the ******* **** *** **** ********* **** *** ************ ****** ** paint AOC ** * ************ *** the ****** ** in **** with one ********* strain of recent economics ******** *** is at ***** ********** **** ********* ** America’s ********** **************** another part ** the ***** ** **** there used ** ** **** tax brackets ***** *** a ****** person earning $550000 * year pays *** same ******** **** ** * ****** ******* ** ** ** times as **** ***** *** *** *** **** *** *** **** *** reserved *** top **** *** *** super-duper ********** case ** *** ******* ***** ****** tax ***** *** ***** that 100% *** ***** have **** of *** ******** ************ ******* *** ***** **** their ********* use is ************ **** *** **** ** ************** **** **** ** ************ *** the ******* **** ******** *** ***** can ********** **** saving ********** and ********** while ******** *** *********** *** ****** the allocation ** ******** resources *** *** cuts *** **** **** ******** ******** ****** ** ********** ********* ** 000 ** ** * *** * * 000 * * * *** − * * 000 * $ * 500 {\displaystyle ************** ************************************* ********* ******** ** ***** may ******** government ******* *** ***** *********** ******* increases in taxes *** also ************ ******* ********** ******** ********** that then end ** **** a *** negative ****** on economic ******************* 1913 federal ********** ******** came ****** **** ***** ** ***** tariffs ** ******** ******** *** ****** ***** on ***** **** ******* *** burden ** these ***** **** ******* ** ******* Americans *** ***** * **** ****** ********** of their ****** ** goods **** rich ****** *** When * *** ***** a ****** ********** of * **** ******** ****** **** a **** ******** ****** ********** refer ** it as ************ *** in **** **** ******** passed ** income *** *** ***** the ratification of *** **** ********* the *** burden ******* to *** **** ** ***** *** * ******************* ** income *** was ******** ** ***** ** **** ******** *** not ***** *** until **** when *** ***** war began *** ******** ***** ** ****** war *** ******* *** Union **** **** ($75 million in 1861) ******* ******** ** seek a *** ****** of *********** *** ***** **** ******* **** ******* in 1862 ******** next ****** the ******** ***** ********* ****** tax ***** with ** ****** income ******* $600 *** ****** **** taxed at *** **** ** * percent ***** ***** earning **** ****** **** 5 ******* **** individuals with **** ******* ** *** **** ***** at * higher **** This graduated *** structure ** often ****** * "progressive" ********* ******** *** vanities ** **** ******** the principal ******* of the **** ** ** *** very unreasonable **** *** rich ****** ********** to *** public ******* *** **** ** ********** ** ***** ******* *** ********* **** **** ** **** proportion" *** "It **** ****** ** ********** ******* that it ** *** luxuries *** *** *** ********* ******* ** *** inferior ***** ** ****** **** ought **** ** ** taxed“Q56Only the *** * per **** of income earners **** ******** ** ********** responses ** ******** *** **** ******* striking ************* ** *** **** of ********* ** *** ******* over **** with ** response ****** short-term ** ********* *** *** **** large Kennedy *** ****** *** **** in the early 1960s *** ******** evidence ** ********* ** ***** in *** ***** **** ** *** tax ******* ***** *** 1980s The ***** *** cuts generated a surge ** ******** ****** ******** ** *********** ********** ********* *** ** a shift away from *** ********* sector *** *** ************* ** ******** ****** *** tax ********* *** *** ****** *** ** **** *** the ****** **** *** increase generated ***** short-term ********* ** ***** *** ******** ******