American labor movement and unions and basics on the structure of taxation

American labor movement and unions and basics on the structure of taxation
1. Income is what people earn from work, from dividends, royalties, or rents paid to them from the properties they own, while wealth is the value of everything that a family or a person owns less any debts. Wealth can be marketable assets like stocks, bonds, real estate, etc. Income can be a person’s salary, rental income, or royalties. My brother’s main source of income is salary; his house is included as part of his personal wealth.
2. The top 1% own 37% share of all wealth. Top 20% of households own 89% of all wealth while the bottom 80% own only 11% of the wealth.
3. a. The bottom 80% share of households are in the poorest fifth. The second fifth in the next 5%.
b. 40th-60th percentile, 12% of aggregate income in 2011.
c. Bottom 80%
d. 53.5%
4.1) $55,000 annual income is the reasonable amount of money a person needs to live in New York City.

Expense
Cost ($)
Rent 2436
Rental insurance 36
Utilities and internet 80
Cellphone+Transportation+groceries 491
Laundry and personal care 65
Health insurance, Miscellaneous, and entertainment 628
Savings 350

Total salary needed before taxes(Roughly) =$55,000
Annual total after taxes= $49,032
4.2) One adult two kids household. $110,000 is the reasonable annual income for a three-person household.

Expense
Cost ($)
Rent 4750
Rental insurance 59
Utilities and internet 200
Cellphone+Transportation+groceries 800
Laundry and personal care 254
Health insurance, Miscellaneous, and entertainment 1543
Savings 950

Total salary needed before taxes(Roughly) =110,000
Annual total after taxes =102,672
4.3) El Paso, Texas, a low-cost city.
For a single person: $15000 annual income is the reasonable amount of money a person needs to live in El Paso.

Expense
Cost ($)
Rent 134
Rental insurance 28
Utilities and internet 80
Cellphone+Transportation+groceries 98
Laundry and personal care 55
Health insurance, Miscellaneous, and entertainment 228
Savings 280

Total salary needed before taxes(Roughly) = 15,000
Annual total after taxes= $10, 836
For a three-person household: $26000 annual income is the reasonable amount of money a person needs to live in El Paso.

Expense
Cost ($)
Rent 266
Rental insurance 42
Utilities and internet 94
Cellphone+Transportation+groceries 100
Laundry and personal care 85
Health insurance, Miscellaneous, and entertainment 469
Savings 530

Total salary needed before taxes(Roughly) = 26,000
Annual total after taxes= $19,032
5) Yes, income inequality has been rising in the United States since the 1960s. Based on the distribution of net worth and financial wealth in the US, it is evident that income inequality has been on an upward trend. For instance, in the year 1983, the top one-percenters had a total net worth of 33.8% while the next 19 percenters had 47.5% and the bottom 80 percenters had 18.7%. More than a decade later, in the year 1995, the gap has further expanded where the top 1% owned 38.5% of the total net worth, the next 19% owned 46.6% and the bottom 80% owned 16.2%.
In the year 2013, that gap has increased exponentially, with the top one-percenters owning 36. 7% of the total worth, the next 19% is owning 52.25, and the bottom 80% saw their share of the total worth fall marginally to 11.1%, a significant increase in the income inequality in the United States. Similarly, the financial wealth gap has increased for the past decades exponentially. For instance, in the year 1989, the top one-percenters had 42.9% of the financial wealth, while the next 19 percent owned 48.4% and the bottom 80% owned 8.7% of the total financial wealth.
That gap further increased a decade later, in the year 1995, the top 1% owned 47.2% while the next 19 percent owned 45.9%, and the bottom 80% 7.0% of financial wealth. In 2013, the top one percent owned 42.8% of financial wealth; the next 19 percent owned 51.9%, and the bottom 80% owned 5.3%.
6.) The most interesting and surprising part about the discussion is the history of the roots of trade unions in the US. Primitive unions of cordwainers and carpenters started to appear in the seventeenth century. By the 1820s, numerous unions had advocated for a reduction of the working day from 12 to 10 hours. These groups had known the importance of having the workers protected from exploitation by employers. From the 1830s, all through to the Civil War, the factory system accounted for much of the production output and subsequently produced a huge number of unionized workers. The National Trade’s Union was formed in 1834 by workers in five cities.
Several associations formed by machinists, stone cutters, and many other workers held a delegates meeting in Baltimore that led to the formation of the National Labor Union. However, this union felt the wrath of the 1873 economic depression and was never strong to represent its members well. Five years later, the Knights of Labor came into the limelight and had members from various professions except for stockbrokers, bankers, lawyers, and gamblers. Its membership rose to about 750,000. However, its downfall came when it adopted a fake organizational structure that advocated for future gains instead of hard day-to-day tasks of generating income. The association was dissolved, giving rise to more open and diverse unions.