#incomedistribution

Nearly 99% of US hourly workers earn more than the federal minimum wage The US federal minimum wage is almost irrelevant at this point.Read more...

Strategist Christopher Wood writes about Modern Monetary Theory, (MMT), why this economic theory is growing in popularity and whether it can work. #mmt #economics Read the full article

French Protests Yellow Vests Organizers say they want to maintain pressure on the government as a two-month “grand debate” initiated by Macron to let ordinary French people express their views on the country’s economic and democratic issues is ending this month. Sophie Tissier, a co-ordinator of the Paris protest, told The Associated Press that “we keep protesting every Saturday because Macron doesn’t respond at all to the yellow vests’ demands. We want to rebuild our democracy and change today’s political system.” “Macron is contemptuous and … does not even try to understand that there are people that are living in great poverty and precariousness, and that there are so many inequalities,” she added. Other protests are taking place in France’s major cities of Marseille, Lyon, Bordeaux, Lille and others. The movement was named after the fluorescent vests that French motorists must carry in their vehicles for emergencies. The protests started in November to oppose fuel tax hikes, but have expanded into a broader public rejection of Macron’s economic policies, which protesters say favour big businesses and the wealthy over ordinary workers. Macron has since announced a package of measures worth about 10 billion euros ($11.4 billion) to boost workers’ and retirees’ purchasing power and launched a national debate that is taking place through meetings across France and a dedicated website until mid-March. Many yellow vests reject the debate which they consider as politically driven to serve the government’s interests. Published at Sat, 02 Mar 2019 11:05:25 +0000 Read the full article

Wealth of former Representative Darrel Issa $464,115,018 (2011 reporting) vs average $50k income #wealth #income #wealthdistribution #incomedistribution #Congress #incomedisparity #finance #money #wages #earnings #finance

The highest incomes only pay Social Security up to the $128,700 limit for 2018. Swipe to view both images above. The Social Security tax rate is 12.4 percent; 6.2 percent is withheld from each of the employer and employee (up to $128,700) The full 12.4 percent is paid by self-employed individuals.

Social Security Tax made visual: $500,000 income and SS taxes shown here. The income limit is $128,000.

Another good link providing even more detailed data on income distribution