skip to main content
skip to newscasts

Monday, April 29, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Rival Gaza protest groups clash at UCLA; IL farmers on costly hold amid legislative foot-dragging; classes help NY psychologists understand disabled people's mental health; NH businesses, educators: anti-LGBTQ bills hurting kids, economy.

view newscast page
play newscast audioPlay

Ukraine receives much-needed U.S. aid, though it's just getting started. Protesting college students are up in arms about pro-Israel stances. And, end-of-life care advocates stand up for minors' gender-affirming care in Montana.

view newscast page
play newscast audioPlay

More rural working-age people are dying young compared to their urban counterparts, the internet was a lifesaver for rural students during the pandemic but the connection has been broken for many, and conservationists believe a new rule governing public lands will protect them for future generations.

New Data: Rich Gain Greatest Share Ever of NY Income

play audio
Play

Tuesday, December 14, 2010   

NEW YORK - The rich are getting richer all across the United States, but a new report finds New York State at the very top when it comes to concentration of wealth, and the same goes for New York City. The report says extension of the Bush tax cuts will likely exacerbate that situation by giving tax breaks to the richest New Yorkers in excess of $100,000, while those at the bottom will gain less than $300.

James Parrott, deputy director and chief economist at the Fiscal Policy Institute, says they studied 2007 state income tax returns and found the rich are pulling away from the middle class and low-income people in New York faster than anywhere else in the nation.

"So the top one percent in New York City today have more than the bottom 95 percent and in New York State the top five percent wealthiest have more than the bottom 95 percent."

Parrott says the current tax deal being debated in the nation's capitol will only perpetuate the problem, because it gives very little money back to those at the bottom, who are most likely to spend it quickly and stimulate the economy.

"The 20 percent of the population with the smallest incomes will get less than $300 versus the $124,000 at the top. That is not a well-designed tax cut to promote economic growth. "

President Obama reluctantly signed on to extension of the Bush administration tax cuts because he says it will stimulate the economy. But Parrott says the recovery is being stalled because average workers are not being rewarded for productivity, especially in New York.

"New York State has the most polarized income distribution of all 50 states, and among the largest 25 cities, New York City's degree of polarization exceeds that of all others."

Parrott says the U.S. economy historically has grown the best when all income levels grow together, but these latest data show the gap between rich and poor growing wider.

The report is at www.fiscalpolicy.org





get more stories like this via email

more stories
Some groups see disproportionately high rates of suicide, including veterans, racial and ethnic minority groups, people with disabilities and LGBTQIA+ people. (Adobe Stock)

Health and Wellness

play sound

Rates of suicide among young people have increased by about 36% in roughly the last two decades and the surge has caught the attention of federal poli…


play sound

Members of Nebraska's LGBTQ+ community and their supporters saw positive actions at both the state and federal level this month. At the state level…

Environment

play sound

New federal funding aims to revolutionize solar energy access within New Mexico's Native American communities and benefit the state overall. The …


Voters who say abortion is the most important issue to their vote are disproportionately younger, Democratic-leaning, and want abortion to be legal in all cases. (Adobe Stock)

Health and Wellness

play sound

Nevada health-care providers, patients and advocates are responding to the U.S. Supreme Court case that'll determine the future of the Emergency …

Social Issues

play sound

Some New Hampshire businesses and educators say legislation targeting LGBTQ+ students is harming both kids and the state's economy as it faces a criti…

Individuals present during atmospheric nuclear weapons testing could qualify for a single, substantial financial payment as compensation. (Hamara/AdobeStock)

Environment

play sound

A Knoxville-based environmental group is advocating for the Radiation Exposure Compensation Act expansion, currently awaiting House approval…

Environment

play sound

State officials in Maine are preparing the next generation for climate change-related activism and careers. A new state-run website helps young …

Social Issues

play sound

The American Civil Liberties Union of Texas says it is monitoring protests at college campuses, after almost 60 students protesting the Israeli-…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021