Mind-Blowing Charts From the Senate’s Income Inequality Hearing


In another sign that Democrats have embraced income inequality as a cause célèbre, the Senate Budget Committee held a hearing on the subject today. The committee’s ranking Republican, Jeff Sessions of Alabama, managed to look concerned during two hours of testimony about the kneecapping of the Middle Class—not that it should have been all that difficult. Here are some of the hearing’s most striking charts:

Mother Jones readers have seen this one:                      The Philippe Dauman chart:

    

The 1 percent hasn’t controlled such a large share of the economy since the eve of the Great Depression:

But as the rich have earned a larger share, they’ve paid a smaller and smaller share in taxes:

A major source of inequality in the tax code comes from how it treats investment income. Just ask Mitt Romney, who paid 13.9 percent of his income in taxes in 2010. Most of his earnings came from capital gains, which only get taxed at 15 percent. Proponents of the loophole argue that it helps spur investment, but it also disproportionately helps the rich:

Though America’s wealthy are supposed to pay a higher tax rate than the poor (what’s known as a “progressive tax code”), they now benefit from so many loopholes that the tax code has, in practice, become increasingly regressive (the Gini Index is a common measure of income inequality):

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate