October 18, 2013 |
There's a phrase that has haunted America for decades, one fraught with failure: "Breaking the cycle of poverty. " Despite the ongoing efforts of government and a host of private foundations, income inequality continues to grow and the poor are ever more likely to remain poor. Many factors favor the rich getting richer while the poor stagnate. The wealthy benefit from economies of scale, as the best prices and lowest interest rates are more readily available to those who least need them.
April 1, 1998 |
Talk about putting your money where your mouth is. A group of wealthy people said Tuesday that they are so offended by the lack of fairness in last year's tax law that they will donate proceeds from their capital-gains tax cut to charity or to the federal government. "As beneficiaries of numerous policies that are tilted in our favor, we felt a responsibility to take action to create a more fair system," said Mike Lapham, project director for a group called Responsible Wealth.
March 25, 1987 |
The number of rich Americans able to avoid all federal income tax has dropped significantly, but 13 of every 1,000 still pay a smaller percentage than an average middle-income family, a new government study shows. The study by the Treasury Department, on returns filed in 1985, indicates that 325 couples and individuals with incomes of more than $200,000 paid zero tax. That was one of every 1,000 people at that income level.
February 1, 2012 |
Clarifying a statement that quickly went viral on the Internet on Wednesday morning, Mitt Romney said he was concerned about poor Americans but was focused on the problems of the middle class in his quest for the White House. On CNN on Wednesday morning after his 14-point win in Florida Tuesday night , Romney said he was “not concerned about the very poor” because they have “a safety net there” and “if it needs repair, I'll fix it.” ( Watch video below. ) “You've got to take the whole sentence, all right?
May 7, 2012 |
Men are more likely to look things up on their smartphone than women. Wealthy people are more likely to use their smartphones for real time searches than poorer people. And less than 50% of people over 65 are using their phones for real-time searches, according to new data from the Pew Internet Report. Researchers at the Pew Internet Report asked more than 2,254 Americans ages 18 and older to answer questions about how they used their mobile phones in the last 30 days. For this study , they looked specifically at how people use their phones to answer immediate questions -- what the researchers are calling "just-in-time searches.
June 11, 2006 |
To live in California is to pay the highest state income tax rate in the nation, if you're wealthy enough. Last week, voters had a chance to raise that tax rate to new heights by approving Proposition 82. They declined. Did they figure that the Golden State's rich were already thoroughly soaked -- or did 82, which would have funded universal preschool for 4-year-olds, just not present a convincing enough case?
August 23, 1990 |
Nearly 28.5% of America's personal wealth is in the hands of 3.3 million people whose holdings exceed the entire gross national product, the Internal Revenue Service reports. The IRS says the richest 1.6% of U.S. adults--those with assets of $500,000 or more--had total holdings of $4.3 trillion and a combined net worth of $3.8 trillion in 1986, the latest year for which figures are available.
CALIFORNIA | LOCAL
September 19, 1998 |
Eighty-six-year-old self-made millionaire Harry Krupnick said he discovered the key to success and happiness in the free-thinking, self-exploratory movements of the 1960s. "I learned that you've got to peel away the armor and show your true self to people even if it means revealing things you don't want to reveal," he said. "When you get to the core of your being you find a whole new world opens up to you. It's possible for people to grow through self-knowledge at any age."
January 28, 1990 |
Beverly Hills is a small town really, just five square miles of wide streets and tall trees and, it seems, a jewelry store on every corner. Beauty shops outnumber booksellers 534 to eight. It is easier to find a psychiatrist than a gas station. Nearly 34,000 people call Beverly Hills home and, for the most part, they do so with pride. A good number are film stars, corporate executives or millionaire immigrants.
May 5, 1992 |
One of the underreported stories of last week's catastrophic unrest was what took place in the seaside neighborhood of Oakwood, an area of about 9,200 residents in the middle of Venice. Unlike other parts of the city where businesses were the primary targets, in Oakwood, dozens of homes were attacked. One of the worst episodes occurred Wednesday night, when a mob of about 25 people came crashing through the gates of Alan and Caren Smith's rented two-story home on Indiana Avenue.