Originally published at bretthetherington.blogspot.com
An analysis of tax data in Spain shows how austerity and labour market counter-reforms have slashed the wage share of the country’s wealth to new lows while corporate profits have soared.
The findings by economist Gabriel Flores published in online newspaper Nueva Tribuna are:
Labour income has declined as a proportion of GDP from 50% in 2008 to 46.9% in the first quarter of 2017
Corporate profits after taxes, interest and dividends, have more than doubled from 8% of GDP in 2008 to 17.5% today
Austerity policies have benefitted high earners but the lowest paid have seen a significant fall in income
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