Wednesday, October 26, 2011

Income gap widens in favor of the wealthiest

Posted By on Wed, Oct 26, 2011 at 9:45 AM

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Another sharp illustration of how the 1 percent aren't like everybody else.

Report in New York Times today from the nonpartisan Congressional Budget Office underscores how dramatically income gaps have widened. The 1 percent more than doubled their share of the nation's total income in the last three decades. Read 'em and weep for middle class America. From 1979 to 2007, inflation adjusted after-tax income grew by:

* 275 percent for the top 1 percent.

* 65 percent for the top 20 percent.

* Under 40 percent (a bit more than 1 percent a year) for the the 60 percent of the population in the middle of the income scale.

* 18 percent for the poorest fifth of the population.

The top 1 percent claimed 17 percent of total income in 2007 and it's almost certainly more now. Yes, let's cut their taxes and put 9 to 20 percent income taxes on the poor, as Republican candidates have proposed. That's fairness, modern Republican style.

PS — Read how Rick Perry's misnamed "flat tax" — meaning zero tax for unearned income — is a boon to the wealthy.

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