Monthly Notes:
- Bush expanded eligibility for food stamps
- Department of Agriculture administers food stamps
- OECD wants countries to tax rich more and did a study that dispels the Trickle Down theory
- US has fourth largest inequity level after Chile & Mexico & Turkey in OECD
- Top 1% has more than doubled income from 1980-2011
- Top 1% make an average after tax income of $1.2M
- Poorest 20% make average of $17K after taxes
- Benefits represent 6% of households in US while OECD it’s 16%
- Top marginal rates of personal income tax: Australia 45%, Canada 29%, France 40%, Germany 45%, Italy 43%, Japan 40%, UK 50%, US 35% (not effective tax rates)
- In past two fiscal years the federal government gave more than $1.5B in funds to just Catholic organizations
- Russell Church - rats found to have empathy, another experiment showed rats freeing friends rather than partaking in food (and sometimes sharing food with freed rat)
- Six Walton family members on Forbes 400 list have a networth equal to the bottom 30% of all Americans
- Total US household wealth is $50T - $70T range
- Waltons have .13% of all US wealth
- In 2009 roughly 1/4 Americans (24.8%) had zero or negative net worth, up from 18.6% in 2007
- In 2009 37.1% of households had networth of less than $12K (30% in 2007)
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