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):

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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