A Quote by Brian Deese
For the typical Americans, most of their income comes from wages. So, for people making less than $1 million a year, about 70% of their income comes from wages. But for those making more than $1 million, for the top 0.3%, it's the opposite.
Related Quotes
The standard of 'affordable' housing is that which costs roughly 30 percent or less of a family's income. Because of rising housing costs and stagnant wages, slightly more than half of all poor renting families in the country spend more than 50 percent of their income on housing costs, and at least one in four spends more than 70 percent.
There's 6 million people living in poverty today, more than when Barack Obama got elected. 6.5 million people are working part-time, most of whom want to work full-time. We've created rules and taxes on top of every aspiration of people, and the net result is we're not growing fast, income is not growing.
Cutting taxes for very high income people an average of more than $100,000 a year for people that make more than a million dollars a year is not an effective way to get the economy going.
You will learn more about Donald Trump by going down to the federal elections, where I filed a 104-page essentially financial statement of sorts, the forms that they have. It shows income - in fact, the income - I just looked today - the income is filed at $694 million for this past year, $694 million. If you would have told me I was going to make that 15 or 20 years ago, I would have been very surprised.
If a woman is making $85,000 a year, putting aside 20% of her income, putting it in a bank, earning very little...Over the course of her life vs. investing, this can cost her $1.5 million, $2 million, $2.5 million. Life changing amounts.
Hillary Clinton is making income inequality a central theme in her campaign. Yeah, for example, today she pointed out that her husband makes $300 million a year. She has to get by on $200 million a year, and that's not fair.
No business which depends for existence on paying less than living wages to its workers has any right to continue in this country... By living wages I mean more than a bare subsistence level - I mean the wages of decent living.
Most poor families are living completely unassisted in a private rental market, devoting most of their income to housing. When you meet people who are spending 70, 80 percent of their income on rent, eviction becomes much more of an inevitability than the result of personal irresponsibility.
During the 1960s, rising real wages for low-income and high-income workers, due in part to rapid economic growth and the spread of unionization, worked in tandem with expanding government support systems to improve Americans' well-being.
The collective income of all these people - the bottom half - is less than three percent of global household income, and so there is a grotesque maldistribution of income and wealth.
I do not believe that the top rate should be lowered for individuals who are making more than $1 million a year. I don't think there's any need to eliminate the estate tax.
Just look at that Forbes 400. Takes a billion three to get on the Forbes 400 this year. And the aggregate wealth is just staggering. And those people are paying less percentage of their total income to the federal government than their receptionists are. [...] I'll bet a million dollars against any member of the Forbes 400 who challenges - me that the average for the Forbes 400 will be less than the average of their receptionists.
The richer people, when they get another $100,000, or another million, or 10 million, don't tend to spend it as much as the poorer people would if they got another $100 or $1,000 or $5,000. All the empirical evidence suggests that the rich tend to consume a lower proportion of income than middle and lower-income people.
For the three decades after WWII, incomes grew at about 3 percent a year for people up and down the income ladder, but since then most income growth has occurred among the top quintile. And among that group, most of the income growth has occurred among the top 5 percent. The pattern repeats itself all the way up. Most of the growth among the top 5 percent has been among the top 1 percent, and most of the growth among that group has been among the top one-tenth of one percent.
Requiring the payment of higher wages will lead to a loss of some jobs and a raising of prices which drives companies to search for automation to reduce costs. On the other hand, those receiving higher wages will spend more (the marginal propensity to consume is close to 1 for low income earners) and this will increase demand for additional goods and services. Henry Ford had the clearest vision of why companies can actually benefit by paying higher wages.
If you want to get wages up in America for middle income Americans, there's only one way I know how to do that in real terms... by having more businesses want to hire more people.
Related Authors
Barack Obama Quotes
American
President
Benjamin Franklin Quotes
American
Politician
Cassandra Clare Quotes
American
Author
Deepak Chopra Quotes
American
Speaker
Donald Trump Quotes
American
President
Frederick Lenz Quotes
American
Author
George W. Bush Quotes
American
President
Henry David Thoreau Quotes
American
Author
Hillary Clinton Quotes
American
Politician
Mark Twain Quotes
American
Writer
Noam Chomsky Quotes
American
Activist
Ralph Waldo Emerson Quotes
American
Philosopher
Rick Riordan Quotes
American
Author
Rush Limbaugh Quotes
American
Entertainer
Sherrilyn Kenyon Quotes
American
Writer
Thomas Jefferson Quotes
American
President