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      Top .001% Making 636% More Since 1980, But GOP Tax Scam Will 'Turbocharge Inequality'

      Top .001% Making 636% More Since 1980, But GOP Tax Scam Will 'Turbocharge Inequality'

      As Republicans seek to ram through tax plan that favors corporations and uber wealthy, global inequality report shows ever-growing chasm between rich and poor

      Julia Conley
      Dec 14, 2017

      A new report released Thursday finds that economic inequality has soared in nearly every country around the world, with the United States' income and wealth gaps widening to a particularly extreme degree compared to European and other countries.

      The World Inequality Report, compiled by five economists including Thomas Piketty and Emmanuel Saez, found that the richest one percent of Americans held 39 percent of the nation's wealth in 2016, compared with about 22 percent in 1980. Meanwhile, the average annual income for the bottom 50 percent of Americans has stayed at $16,000 per adult over the last four decades, adjusting for inflation.

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      Millennials Fall Far Behind as World's Richest 1% Hoard Half of Global Wealth

      Millennials Fall Far Behind as World's Richest 1% Hoard Half of Global Wealth

      70 percent of the world's working-age adults have less than $10,000 each

      Julia Conley
      Nov 14, 2017

      Anti-poverty advocates on Tuesday implored world leaders to combat the massive wealth gap described in the annual Global Wealth Report released by Credit Suisse, which showed that the world's richest one percent own just over half of the global wealth.

      "This report highlights the huge gulf between the haves and the have nots--the world's richest one percent own more than everyone else combined while the poorest half of the population share less than a penny of every pound of wealth," said Katy Chakrabortty, head of advocacy for Oxfam, in a statement.

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      We Must End Global Oligarchy

      We Must End Global Oligarchy

      'This massive level of wealth and income inequality, and the political power associated with that wealth, is an issue that cannot continue be ignored. We must fight back.'

      Bernie Sanders
      Nov 13, 2017

      One of the major, untold stories of our time is the rapid movement toward global oligarchy, in which just a handful of billionaires now own and control a significant part of the world economy.

      Here in the United States, the top one-tenth of 1% owns almost as much wealth as the bottom 90%. Incredibly, according to a recent report from the Institute for Policy Studies, three of the richest people in America--Bill Gates, Jeff Bezos and Warren Buffett--now own more wealth than bottom 160 million people in our country.

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