And today, at an all-day conference the Economic Policy Institute is staging called “Taxing the (Very) Rich,” Sen. Chris Van Hollen (D-Md.) will announce a new plan to impose a 10 percent surtax on income above $2 million. He intends to pair it with a provision to end the “stepped-up basis” treatment of inherited assets, which helps shield the ultrawealthy from income taxes. Van Hollen will propose dedicating the resulting revenue to “fully fund the federal commitment to K-12 education,” spokeswoman Bridgett Frey says in an email.
The Washington Post
June 26, 2019
Elise Gould, a senior researcher at the Economic Policy Institute, a left-leaning think tank, said that the most recent government shutdown—during which many government workers faced personal financial crises—illuminated that even people with stable, middle-class incomes are living paycheck to paycheck. In her view, it’s not that people don’t want to reduce expenses, it’s that many literally can’t. “In a world where lots of people can’t find $400 for some unexpected expense, like fixing their car, I think a lot fewer people are spending money on lattes to begin with,” she said. “It’s like, who are we even talking to?”
VICE
June 26, 2019
In a couple of days I’m going to be participating in an Economic Policy Institute conference on “excessive wealth disorder” — the problems and dangers created by extreme concentration of income and wealth at the top. I’ve been asked to give a short talk at the beginning of the conference, focusing on the political and policy distortions high inequality creates, and I’ve been trying to put my thoughts in order. So I thought I might as well write up those thoughts for broader dissemination.
The New York Times
June 24, 2019
A 2018 study by the Economic Policy Institute found that Uber drivers took home the equivalent of $9.21 in hourly wages, after accounting for vehicle cost, health insurance, and any other benefits that would be earned by traditional employees. Lyft says its national hourly average for drivers is north of $30 per hour while en route to a fare or while carrying passengers.
Business Insider
June 24, 2019
A study by the Economic Policy Institute, a nonprofit Washington think tank, found that the average CEO of the top 350 U.S. companies in 2017 received compensation of $18.9 million based on stock options realized, salary and other payouts.
Newsday
June 24, 2019
“We don’t have an illegal immigration crisis at the border, we have a refugee crisis,” Scott said. “We have been backing oligarchs and military governments in this country for decades, and that has contributed to the crisis in these countries.”
Daily Caller
June 24, 2019
Harris has been actively presenting a new LIFT (Livable Incomes for Families Today) Middle Class Act. This act proposes a nearly $3 trillion plan to provide middle and working-class families with a tax credit of up to $6,000 per year for couples making a combined income of $100,000 or less, and a $3,000 tax credit for individuals earning $50,000 or less. This LIFT tax credit would be available in either an annual lump sum or monthly payments. Harris is also advocating for a pay increase for teachers, who are paid 11 percent less than other comparable education jobs (Source: Economic Policy Institute). Harris has proposed a $315 billion plan over 10 years. Her proposal would increase the estate tax and “crack down on loopholes” to pay for a $13,500 raise for teachers (Source: Time).
Entrepreneur
June 24, 2019
According to a 2018 study by Northwestern Mutual, 21 percent of Americans have no retirement savings and an additional 10 percent have less than $5,000 in savings. A third of Baby Boomers currently at, or approaching, retirement age have between zero and $25,000 set aside. The Economic Policy Institute (EPI) paints an even bleaker picture, reporting that “nearly half of families have no retirement account savings at all.”
Benefits Pro
June 24, 2019
While many of our legislators would say that only teenagers living at home, working part time and seeking spending money earn the minimum wage, data from the Economic Policy Institute show that this stereotype is a myth. The average age of minimum wage workers is 37, with 90% over 20 — and 37% are older than 40. Sixty percent are women, and 25% have children. Fifty-five percent work full time.
The Morning Call
June 24, 2019
The Economic Policy Institute points out in a recent report on the federal minimum wage that as the cost of living rose over the past 10 years, Congress’ inaction cut the take-home pay of working families.
United Steelworkers
June 24, 2019