Dec
08
2010

A Benefit for Half of America–but Mostly the Top 0.2 Percent

CNBC's Erin Burnett discussing the tax deal on the Today show yesterday (12/7/10): "With capital gains and dividend taxes staying low, the half of Americans that own stocks get a benefit there as well."

Oh, really? Here's some figures from the Center on Budget & Policy Priorities (1/30/06):

Over half–54 percent–of all capital gains and dividend income flows to the 0.2 percent of households with annual incomes over $1 million. More than three-quarters–78 percent–of this income goes to those households with income over $200,000, which account for about 3 percent of all households.

In contrast, only 11 percent of capital gains and dividend income goes to the 86 percent of households with incomes of less than $100,000. Only 4 percent of this income flows to the 64 percent of households that have income of less than $50,000.

About Jim Naureckas

Extra! Magazine Editor Since 1990, Jim Naureckas has been the editor of Extra!, FAIR's monthly journal of media criticism. He is the co-author of The Way Things Aren't: Rush Limbaugh's Reign of Error, and co-editor of The FAIR Reader: An Extra! Review of Press and Politics in the '90s. He is also the co-manager of FAIR's website. He has worked as an investigative reporter for the newspaper In These Times, where he covered the Iran-Contra scandal, and was managing editor of the Washington Report on the Hemisphere, a newsletter on Latin America. Jim was born in Libertyville, Illinois, in 1964, and graduated from Stanford University in 1985 with a bachelor's degree in political science. Since 1997 he has been married to Janine Jackson, FAIR's program director. You can follow Jim on Twitter at @JNaureckas.