And that’s just the federal share of taxes. To find the total tax burden on the top 1%, GOBankingRates analyzed 2019 data from the Tax Foundation on federal and state income tax rates for single filers and married couples filing jointly. The average annual income of the top 1% was sourced from the Economic Policy Institute. GOBankingRates then calculated both the effective and marginal tax rates on the top 1% in every state using an in-house calculator. The study also found how much the top 1% spends on sales taxes by looking at information from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center. Property tax was excluded due to the lack of consistent data for home values of the top 1% in every state.
GO Banking Rates
July 9, 2020
Absent federal action, these job losses could get much worse. A recent analysis conducted by the Economic Policy Institute estimates that without it, North Carolina will lose a combined total of 156,500 public and private jobs by the end of 2021.
NC Policy Watch
July 9, 2020
Low-paid staff and graduate students stand to suffer significant harm to their health and household finances if UGA does not require face masks while indoors and will not allow instructors and staff to work from home if they are able and wish to do so. Nearly 3,000 graduate student workers at UGA make less than $25,000 per year. Additionally, an estimated 2,500 full-time employees (about 22% of UGA employees) earn salaries under $35,000, which the Economic Policy Institute’s Family Budget Calculator considers a living wage for a single adult with no children in Clarke County. With no extra money to spare, these workers are more likely to have health insurance plans with poorer coverage and higher deductibles. They simply cannot afford to get sick. By requiring staff and graduate students to work on campus with poor public health regulations, UGA is putting the health and limited resources of their most financially insecure employees and students at significant and unnecessary risk.
Flagpole
July 9, 2020
“We absolutely need to provide another round of relief and recovery measures for families,” Josh Bivens, director of research at the nonpartisan think tank Economic Policy Institute, told CNET. “We’re going to have steeply elevated rates of joblessness for a long time and there will be a lot of suffering unless we do more measures.”
CNET
July 9, 2020
The Economic Policy Institute has estimated 5.3 million lost jobs by the end of 2021 if the federal government does nothing. The jobs gap would be 2.6 million if $500 billion of federal aid passed—that $1 trillion in the House HEROES bill is necessary to avert significant job losses.
Daily Kos
July 9, 2020
Moreover, workers who leave to care for children have no guarantee that they’ll get their job back, given the deep economic damage caused by the pandemic, said Elise Gould, an economist at the left-leaning Economic Policy Institute.
Bloomberg Law
July 9, 2020
Elise Gould, senior economist at the nonprofit think tank Economic Policy Institute, said layoffs could pick back up again soon.
“Unfortunately, more trouble is on the horizon as coronavirus cases continue to rise, states begin to re-shutter, and unemployed workers face further economic devastation when the unemployment insurance enhancements expire on July 25,” Gould wrote.
Courthouse News Service
July 9, 2020
“This suggests is that a significant share of the initial UI claims in May were from layoffs in March or April, and people either waited to file claims until May, or state agencies were working through backlogs of claims,” said Elise Gould, a senior economist at Economic Policy Institute in Washington.
“Unfortunately, there are more recent indicators that layoffs are going to pick up again with people being laid off for the second time and hires will likely slow as well.”
Reuters
July 9, 2020
Black workers typically face nearly double the rate of unemployment compared to white workers, said Valerie Wilson, director of the Program on Race, Ethnicity and the Economy at the Economic Policy Institute, a Washington D.C.-based think tank. That pattern is “incredibly persistent” in good and bad economic conditions — and across gender, education and geography, Wilson said.
“I find it difficult to attribute something that consistent to anything other than racial discrimination in the labor market.”
Wisconsin Watch
July 9, 2020
The gains in May and June still only account for about one-third of the jobs lost in the previous two months, though. The Economic Policy Institute estimates nearly 12 million workers who lost jobs due to the virus have little hope of being called back to their jobs. More than 1 million people are filing new claims for unemployment benefits every week, as well, as businesses struggle to get back off the ground and the threat of new lockdowns looms.
Sinclair Broadcast Group
July 9, 2020