:: The Rational Radical Blog ::

Sunday, April 11, 2004

IRS has Become a Subsidy System for Super-Wealthy Americans; Winks at Rich Deadbeats

IRS data, adjusted for inflation, show that the poor are really getting poorer and the super rich are getting fabulously richer, a trend enhanced by their falling tax burden. In 1970, the poorest third of Americans had more than 10 times as much income as the super rich, the top 1/100th of one percent. Back then the poor had more than 10 percent of all income and the super rich had one percent.

By 2000 the two groups were equal -- the 28,000 Americans at the top had as much income as the 96 million at the bottom. The poor's share of income fell by half while the super rich's share rose to more than 5 percent of all income.

Wow! Read the entire article for more eye-openers.

Jack Clark 10:18 PM [+]   
Post #108174708472379092