Friday, October 12, 2007

IRS says rich getting richer

As Gomer Pyle would say "Surprise, Surprise!"

Yes, President Bush, the economy is doing very well for you and your friends. The only comfort for the poor and the middle-class is the knowledge that the buildings on Wall Street are taller and they still haven't padded the sidewalks.


excerpt from:

IRS says rich getting richer: report - Yahoo! News

NEW YORK (Reuters) - The richest one percent of Americans earned a postwar record of 21.2 percent of all income in 2005, up from 19 percent a year earlier, reflecting a widening income disparity among different classes in the nation, the Wall Street Journal reported, citing new Internal Revenue Service data.

The data showed that the fortunes of the bottom 50 percent of Americans are worsening, with that group earning 12.8 percent of all income in 2005, down from 13.4 percent the year before, the paper said.

It said that while the IRS data goes back only to 1986, academic research suggests that the last time wealthy Americans had such a high percentage of the national income pie was in the 1920s.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.