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Updated on May 13, 2013

Wealth Distribution in 2007

Percent of Wealth
Top 1%
Libertarian Ron Paul says 38%
Top 10%
Top 20%
Top 60%
Bottom 40%

The top 1% of the US population holds 23.5% of the financial wealth of this country. That’s right; close to one fourth of the wealth in this country is in the hands of the top 1%. Actually I think Bernie Sanders got the figure too low in his speech. Libertarian Ron Paul puts the figure at 38%. But I will not contradict Bernie. Either way, Does that look like Socialism to you?To me it looks like I am a slave to the people that have gained the most from all the breaks since Reagan.

The concept of “Socialism in America” is the biggest lie ever told. It is strictly propaganda. The word “Socialism” conjures up fear. Conjuring up fear is a specialty of the right. The word “Socialism” is used to frighten you. Don't be fooled. The propaganda experts know that every red blooded American thinks “Socialism” is evil. Everyone knows the “Union of Soviet Socialist Republics” was communist. Fear inducement is popular in the GOP strategy book. It is a popular tactic of Tea Party types to popularize a false idea. It ensures the rich keep getting richer and the middle class disappears if needed.

Let’s go on. 70.9% of the wealth is held by the top 10% of the population, conversely, that leaves 29.1% of the wealth for 90% of the population.

Worse, the bottom 80% of the population divides a meager 7% of the wealth. And it gets much uglier as you proceed downward. The bottom 40% of population has only 0.2% of all wealth. The bottom 40% are dividing peanuts. If you think that is Socialism I suggest you take a course in Economics 101.

GOP lawmakers are pushing for another $57 billion in cuts this year. The honorable Senator from Vermont, Bernie Sanders, has the right idea. According to the senator, a 5.4 percent surtax on adjusted gross incomes over $1 million could bring in as much as $50 billion a year, while ending tax loopholes for the oil-and-gas industry could chip in $3.5 billion.

The people teaching our children, enforcing the laws, and fighting our fires should not be scrambling for part of 7% of the wealth of this country. The GOP has seen to it the well healed have been protected and had their way with government. They have been partying with the Bush tax cuts long enough. The Tea Party has put labels like “Socialism” and “Obama Care” on things they don’t like to develop a general distaste for Obama.

But wanting to induce fear some idiot on the right cries: “Will 2010 be the dawn of Socialism in America? Will we be “transformed” from a free country where individuals can write their own ticket through hard work and entrepreneurship to a “big brother nanny state? There are red flags everywhere. Americans should fear the fact that the government is suddenly buying into failing businesses with money they don’t even have.”

This idiot is probably one of those scrambling for his tiny share of the 7% ..

Obama saved the automobile industry. Isn't that great? What a relief!! And did you hear GM just posted a good profit for the year, tens of thousands of jobs were saved, and America can be proud. I do not understand how the GOP can get anyone in the bottom 80% to vote so blatantly against their self interest, but they somehow do just that. For gods sake people, wake up. We barely have a democracy anymore as we continue to hand money to the super rich.

The Bernie Sanders Ten, per release....

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.


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    • Terry.Hirneisen profile imageAUTHOR


      7 years ago from Shenandoah Valley

      Welcome back! You were missed. Don't over exert!!

    • Jillian Barclay profile image

      Jillian Barclay 

      7 years ago from California, USA

      Dear Terry,

      How did I miss this? I love Bernie Sanders! I know, people rail about him being a Socialist! But there are worse things, like being the greedy, exploitative Corporatist, that hides behind the phrase 'free market' and the ever so revered word 'capitalist'; who rapes and pillages our natural resources in addition to enslaving millions by paying third world wages. Can't get much worse that that!

      What an awesome piece of writing! This is a great one! Thank you, Terry!

    • Terry.Hirneisen profile imageAUTHOR


      7 years ago from Shenandoah Valley

      I do not suppress the rights of these Nazi bastards. Let them show they have no real education, only hate mongering, fear, propaganda, and bigotry. Their followers should be named Bubba and Billy Bob. None are William F. Buckley.

      Thank you mckbirdbks for stopping in. I live for your comments.

    • mckbirdbks profile image


      7 years ago from Emerald Wells, Just off the crossroads,Texas

      I have read several of these Hubs that explain the inequalities in the tax system and in America in general. Then in the comments, there usually appears a right wing zealot spewing the insanity that if it wasn’t for the rich we would all be living in caves.

      My suggestion is to deny their comments. Let them scream into the wind. They are poisoning the American spirit, they have other plans for this country. Don’t allow them to spread their poison on your Hubs.

      If a snake appeared in your garden, you'd cut it's head off.

    • Terry.Hirneisen profile imageAUTHOR


      7 years ago from Shenandoah Valley

      The rich and the GOP remind me of these sinister characters on cartoons like "Doctor Doom,"

      I think 2012 will bring a rude awakening to the GOP.

      Thanks for the thoughtful comment. Appreciate it.

    • Mimi721wis profile image


      7 years ago

      Hopefully voters will start having a long term memory. I believe people are just fearing what they don't understand. There's a lot of Muslim and minority hate getting fed to the public. A few people rather reward the well off than do something that may help some one that looks a little different, although they may be in the same income bracket. Fear and anti-abortion is the heart of the republican party. I don't believe for one minute that Rush Limbaugh, Ann Coulter or Glenn Beck believe the foolish things they say. They know where their bread gets buttered. Fox news has a large audience. If they lie they lie. It seems typical viewers never question whether it's true or not. The rich and the GOP remind me of these sinister characters on cartoons like "Doctor Doom," wanting to take over the world with their crazy. I'm really bothered by the attack on government workers. Maybe some of these crazy things the GOP has committed to will open some eyes Love this hub. In all fairness, I blame Hillary Clinton for this over use the word socialism. She called Barack Obama a socialist and it's had a snow ball effect.

    • profile image


      7 years ago

      This is for American Romance - I never believed in aliens before, now I do. Because I keep asking myself - what planet is this guy (American Romance) from as he sure is not from this planet, that is, unless you are actually getting paid by the Koch brothers to write this stuff.

    • Terry.Hirneisen profile imageAUTHOR


      7 years ago from Shenandoah Valley


      You are the best!

    • profile image

      Fay Paxton 

      7 years ago

      Terry, as you probably know the top 10% does pay the majority of the taxes. As they should. The problem is that dollar for dollar they don't pay their fair share.

      I don't know what it is about people who have such loyalty to the rich who have all the advantages of the taxes they pay. I have not worked in years, but my tax refund will be more than the average person earns all year. People who think that the tax credits , loopholes, deferred payments and deductions I can take that are not available to them is fair and they work everyday are self-defeating.

      Rich people know they should pay more and many of them hide their money so they won't. They let the dummies who think they have the right to cheat America pay their share.

      I agree with Bernie 100%. He called it right and you wrote an excellent hub.

    • Terry.Hirneisen profile imageAUTHOR


      7 years ago from Shenandoah Valley


      I have been ill but got out of bed to read your wonderful comment. Thank you. Bernie is my favorite Senator also.

    • American Romance profile image

      American Romance 

      7 years ago from America

      you failed to mention that the top 10% pay the majority of all the taxes! And why do you resent working for these people as "slaves" Don't they give you a paycheck? Would your paycheck grow if they were burdened with more taxes? Or maybe they would lay you off so they could have more wealth? The middle class was built by the backs of the rich not vice versa!........Oh and please don't throw that union crap on me! Only 12% of Americans belong to a union!

    • profile image

      Fay Paxton 

      7 years ago

      Terry you outdid yourself with this one! This is a superb hub and you featured a video with my favorite Senator in the world. We could use a lot more like Bernie Sanders.

      Thank you so much for writing this. I just hope you receive a well-deserved wide readership.

      Voted Up and AWESOME!!

    • crystolite profile image


      7 years ago from Houston TX

      Really i go on to support what munirahmadmughal commented. He is right by his points.

    • munirahmadmughal profile image


      7 years ago from Lahore, Pakistan.

      "Socialism in America Propagating Fear The Old Fashioned Way With LIES".

      The hub is informative and based on facts.

      In a democratic set up the government is of the people, by the people and for the people. Will of the people is expressed by votes, law is made by the elected representatives sent in the legislature who elect the executive to implement the law and the Judiciary interprets the law. Freedom of expression serves as a tool to keep the balance. mainthing is the welfare of of the people. A system where people feel safe and secure and appreciate the doings of the state is the best.

      A state does not become a leading state without knowledge and awareness and that too most modern and accurate. Search and research in all fields opens new vistas in all disciplines of life. It cannot be denied that at present America is at the top in the field of science and technology and also good governance. This is all due to knowledge and its application.Truth prevails lies vanish away before the truth.

      The hub is excellent/

      May God bless all.


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