TV News LIES

Friday, Oct 31st

Last update05:45:03 AM GMT

You are here News Economy Report: 18 firms hold a third of US wealth

Report: 18 firms hold a third of US wealth

E-mail Print PDF

major corporations in USIncome inequality is a hot political topic and a report showing that a small number of U.S. companies hold most of the wealth could stir up more talk about ways to change tax policy.

The majority of corporate cash is amassed in the coffers of 18 U.S. firms — they held 36 percent of all wealth last year, a jump from 27 percent in 2009 with the gap expected to widen further, according to a report from Standard & Poor’s, a New York-based credit rater.

That means that out of a record $1.53 trillion in cash and short-term investments held by U.S. corporations the wealthiest 18 held about $535 billion.

“In our view, current U.S. corporate tax policy and accommodating credit market conditions have been primarily responsible for this growing wealth gap,” the report said.

Furthermore, the wealthiest top 20 percent held 89 percent of total cash, leaving only 11 percent for the bottom 80 percent of firms.

The top 1 percent are mostly investment-grade businesses — Microsoft, Google, Cisco, Apple, Oracle, Ford, Coca-Cola and Boeing — and are concentrated in technology and healthcare industries.

More...


Most Recent Related Stories...


One-Fifth of Detroit's Population Could Lose Their Homes

Detroiters to lose homesEvone Brown, a 55-year-old former machine operator, survives on $850 a month from retirement and disability...

Yellen says US experiencing widening inequality

Janet YellenFederal Reserve Chair Janet Yellen said Friday that the last several decades have seen the most...

Hundreds Give Up U.S. Passports After New Tax Rules Start

New tax lawsThe number of Americans renouncing U.S. citizenship increased 39 percent in the three months through September...

Banks accept derivatives rule change to end 'too big to fail' scenario

London financial districtThe $700 trillion financial derivatives industry has agreed to a fundamental rule change from January to...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!