Friday, December 14, 2007

The Rich Get Richer

Since 1979 the average pre-tax income of the top 1% of America has gone from $517,000 to $1,558,500 (both figures in 2005 dollars). Over the same period, the average income of the lowest fifth of America has increased by $200. The rich, are indeed, getting richer.

But don’t take my word for it. The Congressional Budget Office is the source of this data. (See Table 1C)

As a whole, almost every income bracket is paying less in taxes now than they did in 1979. But, one thing is clear. Through both Repubs and Dems, the poor have stayed poor and the rich have gotten even richer. Maybe we should try to do something about that?



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