Blog: The War on the One Percent?

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Income equality. Those two words have been repeated countless times by Hillary Clinton and Bernie Sanders.  Both Clinton and Sanders have made it their personal mission this election to wage war on the one percent.

Bernie Sanders’ website has a section on the lack of fairness when it comes to the wealth distribution in the country and the income of the one percent. Hillary Clinton was quoted as saying that “there needs to be a toppling of the one percent.”

Who makes up the one percent?  Nationwide it is a total of 3,189,000 people.  But, internationally, it is surprisingly a majority of Americans who make up the “one percent. ”

An article from humanprogress.org has brought the battle of income inequality to a personal level. If you make more than $32,400 you are officially in the global one percent.

A study was done by Gallup Poll that explained that the median household income of the world is $9,733. The country with the lowest median household income is Liberia with $781. The richest is Norway with $51,489. The United States is ranked 6th in the top 10 highest median household income.

The U.S. Census Bureau places the median household income at $60,828. That median income would place the average household at 0.18% of the World’s income.

Sanders is quoted saying that “he remains one of the poorest members of the United States Senate.” While that may remain true, Sander’s salary of $176,000 annually puts him in the top 0.05% of the World’s population according to globalrichlist.com. 

Clinton calls for the top one percent to “pay their fair share.” Between President Clinton and the Former Secretary of State, the Clinton’s have a total net worth of $111 Million. Their combined net worth puts them in the top 0.0006% of the World’s population.

Governor Dayton is no exception to the war on the 1%. In 2013, Governor Dayton decided

(Photo via politicsinminnesota.com)
(Photo via politicsinminnesota.com)

to raise taxes for individuals who made $150,000 or higher, putting Minnesota fourth on the list for the highest tax rate in America. Dayton, whose family wealth places him at #157 on the Forbes 2015 America’s Richest Family list and places him in the top 0.0001% of the World’s population (#501 in richest person on earth), said  “everybody ought to pay their fair share of taxes….if you make more, you pay more; if you make less, you pay less. That’s what keeps this society functional.

Taxes are proportional due to percentages. So based on a set percentage, if you make more you already pay more than someone who has a lower yearly income.

To be in Minnesota’s 1%, you need to make $414,000 a year. The poverty rate in the United States is 4.5% and 50% of Americans make $34,000 or more a year.

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