Newsweek: During Bush presidency 1/400th of taxpayers took home nearly half of all economic gains

[sabra]

http://blog.newsweek.com/blogs/contraryindicator/archive/2007/08/21/the-rich-get-richer.aspx

<snip>

The growth in total incomes was concentrated among those making more than $1 million. The number of such taxpayers grew by more than 26 percent, to 303,817 in 2005, from 239,685 in 2000.

These individuals, who constitute less than a quarter of 1 percent of all taxpayers, reaped almost 47 percent of the total income gains in 2005, compared with 2000.

People with incomes of more than a million dollars also received 62 percent of the savings from the reduced tax rates on long-term capital gains and dividends that President Bush signed into law in 2003, according to a separate analysis by Citizens for Tax Justice, a group that points out policies that it says favor the rich.

The group’s calculations showed that 28 percent of the investment tax cut savings went to just 11,433 of the 134 million taxpayers, those who made $10 million or more, saving them almost $1.9 million each. Over all, this small number of wealthy Americans saved $21.7 billion in taxes on their investment income as a result of the tax-cut law.


Reason this conclusion is incendiary: Even in this new Gilded Age, when evidence of income inequality is rampant, and, indeed, celebrated, the fact that 1/400th of the taxpayers took home nearly half of the economic gains between 2000 and 2005 is shocking. The data, combined with what we know about *median* income (i.e. the income of a typical American), gives the lie to the contention that the prosperity of recent years has been widely shared.

[JHB]

1. Ho-hum, more of the left-wing Liberal Media bashing those who work hardest...

If they're pining for socialism so much, why don't they go back to Moscow where they belong!
:sarcasm:


The sad part is, this is just the latest in 20 years of articles and books pointing this out.

[indepat]

2. A microcosm of what 'pukedom is all about, yet all but a small percentage of those

who vote for, shill for, and otherwise support 'pukes are harmed big-time by the reckless and feckless fiscal and tax policies which bring about the only conclusion: the American people as a whole are giant ignoramuses.

Edited: context

[MidwestTransplant]

3. The average American can be lied to but ultimatley they feel it. Over half think we are in a

recession according to a recent figure I saw.

[Javaman]

4. That's part of that trickle- down-your-leg-economics, right? nt

[The Count]

5. I though the White House settled this matter as 'not interesting". Sheesh, people!

When are you gonna start listening to what they say?

[onethatcares]

6. seriously, there are more important things to worry about, take

Michael Vick for instance. His team mates, or ex team mates, got teary eyed thinking about losing him for the season. Now, straighten up and disregard that financial stuff, it's not good for your perspective.

[On the Road]

7. I Cannot Believe That People Can't See

the growing divide between rich and working class in this country or think that government policy has nothing to do with it. Yet Edwards is one of the few champions of the issue on a national stage.

[kenny blankenship]

8. Yay Capitalism!

[leftchick]

9. didn't know this like six years ago?

and a pox on every dem who voted for the tax cuts for the rich.

[Ezlivin]

10. See why people vote Republican now?

It's not that they are going to experience this windfall now, they'll experience it later.

One day they'll be in the top 10% or the top 5% or (thank god!) the top 1% and all of this will accrue to them.

That's the dream. It's still packaged and sold by the Republicans and it works. For a very, very few.

And don't you think you're smart enough to be in that minority?

Sure you do. Vote Republican.

[redqueen]

11. This needs a kick.

:kick:

[DeepModem Mom]

12. K&R