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Top 1% Doubled Income In Last 30 Years - CBO Report - YouTube
Channel: The Young Turks
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the congressional budget office
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looked at that and it's non-partisan so
these are very respected figures both
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sides uh...
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but let's quote the congressional budget
office all the time is non-partisan as
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it gets
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uh... and in fact the use of iris
numbers so that there's no arguing with
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it
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well they just came out
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uh... with numbers showing know how this
country has changed and how that income
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inequality has written that the reason
in this country
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between
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and nineteen seventy nine and two
thousand in seven about thirty years
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stretch of seven is the last set of
numbers that they had to work with right
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so when you look back of what is
happening to the different
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uh... brackets in this country what
we'll do the poorest twenty percent in
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this country although death thirty-year
period
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their income has risen
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but by only eighteen percent
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and in fact in that time period
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this cher of the countries income
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that their bond twenty percent has
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has gone down from seven percent
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two five percent
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so mean
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they're doing had all k over a
thirty-year period one brag about
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eighteen percent
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as a compared to the other classes
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their numbers have gone down talked a
lot of brac so k
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but the mold the country well
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clearly the metal sixty percent a
population their income has risen forty
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percent
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but their share of income
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has also gone down
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from twenty eight percent in nineteen
seventy nine to twenty five percent of
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asian thing coming in two thousand and
seven so somebody's getting rich is not
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these guys
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well let's go to the top uh... nineteen
percent and see if
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how they have done well they've done
very well
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they've got sixty five percent income
increase overall and their share of the
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income
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has gone up from forty three percent
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the fifty three percent so they've done
much better compared for the bottom
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eighty percent
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well we let that one percent there right
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the top one percent well how they did
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their income has risen two hundred and
seventy five percent
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nearly triple
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the their share of the income
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in the country was eighty percent in
nineteen seventy nine
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it has more than double dip in the last
thirty years to seventeen percent
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so they've got a bigger and bigger share
avenger
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now what how did this happen
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there was an accident that was in that
the resolve some work harder and our
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pressure
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notably manipulated the tax code for
example
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they lower taxes on capital gains and
evidence what is that that's investment
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income
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sold-out if you're a plumber you don't
have a lot of investment income
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if you're steve forbes and your dad left
hundreds of millions of dollars you have
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a lot of investment co
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slow when you'd lower the taxes for
investment income the rich get richer
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it's not an accident they turn on
purpose ivy show you all the rules and
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regulations that were changed
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to benefit the rich
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for example unlimited
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uh... risk-taking by the banks makes the
banking executives richer
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so then the top one percent was
shockingly enough had two hundred
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seventy percent gains
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you julie was well of course not your
share of income overall
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lower they're serving com more than
double
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and that's how it works interact with
this chart to give you a sense of it
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uh... here all the different relations
from nineteen seventy nine
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to two thousand seven
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popular that uh... not uh... has got us
demos them all and from a couple of
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interesting that letter and then the top
one percent
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throw the roof
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do you see what people are upset about
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hagan it's not because they are upset
that the rich are doing better because
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they work toward her
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fact and said
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but the richer getty have bigger bigger
share of our income
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because it takes the waltz
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so they go to the government a donate a
little bit yesterday we showed you the
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chart that shown
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investing in a politician gets to you
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twenty two thousand percent return on
your investment
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the best investment you can make
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look i'll give you one more example
there's a tax bracket
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called uh... carried interest
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and it only basically applies the hedge
funds and private equity manage these
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are the people who manage money
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for the richest people in the country in
the world
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it's not even their own money so it is
not an investment
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because i think she's they always use
for dad dividend and capital gains is a
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lodge an investment job grade as a
setter
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no they're using other people's money is
simply income that they're gay
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nonetheless that was lowered to fifteen
percent
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so the the richest hedge fund guys
private equity managers in the country
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are paying fifteen percent lower than
the average american
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on money that they are transact thing
for all the rich folks
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that is simply a cop
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how did he do that
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well that's because some of the top
hedge fund managers
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or some of the top contributors to both
republicans and democrats they fixed the
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rules so that it is to their advantage
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and the results are stunning
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and gee i wonder why we've got about by
wall street movement
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