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Rich get a lot richer, outpace middle class
By ANDREW TAYLOR, Associated Press
WASHINGTON – Yet another study shows how the richest 1% of Americans have been getting far richer over the last three decades while the middle class and poor have seen their after-tax household income only inch up by comparison.
This report is from the non-partisan Congressional Budget Office.
Average after-tax income for the top 1% of U.S. households almost quadrupled, up 275%, from 1979 to 2007, the CBO found. For people in the middle of the economic scale, after-tax income grew by just 40%. Those at the bottom experienced an 18% increase.
The report, based on IRS and Census Bureau data, comes as the Occupy Wall Street movement protests corporate bailouts and the gap between the haves and have-nots. Demonstrators call themselves "the 99%."
"The distribution of after-tax income in the United States was substantially more unequal in 2007 than in 1979," CBO Director Doug Elmendorf said in a blog post. "The share of income accruing to higher-income households increased, whereas the share accruing to other households declined."
The top 1% made $165,000 or more in 1979; that jumped to $347,000 or more in 2007, the study said. The income for the top fifth started at $51,289 in 1979 and rose to $70,578 in 2007. On the other end of the spectrum, those in the 20th percentile went from $12,823 in 1979 to $14,851 in 2007.
The report also found:
—The top 20% of the population earned 53% of after-tax income in 2007, as opposed to 43% in 1979.
—The top 1% reaped a 17% share of all income, up from 8% in 1979.
—The bottom 20% reaped just 5% of after-tax income, versus 7% in 1979.
After-tax income for the top 1% grew by 275%, but rose by just 40% for the middle class, the Congressional Budget Office found.
If you don't like it, work harder.
OU MAJOR said... (original post)If you don't like it, work harder.
OU MAJOR said... (original post)
If you don't like it, work harder.
This post was edited by SoonerInTN 13 months ago
I'd be perfectly happy living off my gross income, which isn't much.
And they pay almost all of the taxes that keep this country going, as well as support the nearly 50% of Americans who pay no federal income tax whatsoever.
See Table 1 for 2009. The top 25% paid 87.3% of the taxes, while the bottom 50% paid 2.3%. The 1% that the Occupiers cry about? They had 16.9% of the AGI but paid 36.7% of the tax burden. AND at the highest average rate of 24%. Now is that F-A-I-R as the whine goes? Damn facts always get in the way of a good story used to divide Americans and divert from the real story.
“There are two things every man in America thinks he can do: work a BBQ grill and coach college football.” - Greg Schiano
Roughly 26% of my pay to taxes. The rest is benefits and retirement. About 35% of my check total. If I could have back say 7% of that then I would be doing a lot better financially. I am certainly responsible with my money and live within my means but, it would be nice to have a little extra to do stuff.
I guess I don't understand why the rich need people like middle class republicans to protect them. Why is anyone on this board concerned with it? I don't understand. Chances are you Won't be one of them. Brainwashing is a powerful tool. Work harder? Really? hahahaha That's the most ignorant thing I hear daily. Open your eyes people. The rich get richer and the poor get poorer. It isn't a coincidence or a matter of the rich working so much harder.
I honestly don't know how much harder I can work. I put in 60 hours a week.
Yes! I am richer. The IRS proved it. Thank you all.
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