Friday, April 22, 2011

How the Money Trickled Up and the Debt Trickled Down!

From the article "Nine Things The Rich Don't Want You to Know about Taxes," by David Cay Johnston,  Pulitzer Prize winning tax investigative reporter:
" Since 1980, when President Reagan won election promising prosperity through tax cuts, the average income of the vast majority -- the bottom 90 percent of Americans -- has increased a meager $303, or 1 percent. Put another way, for each dollar people in the vast majority made in 1980, in 2008 their income was up to $1.01.
Those at the top did better. The top 1 percent's average income more than doubled to $1.1 million, according to an analysis of tax data by economists Thomas Piketty and Emmanuel Saez. The really rich, the top 10th of 1 percent, each enjoyed almost $4 in 2008 for each dollar in 1980.
The top 300,000 Americans now enjoy almost as much income as the bottom 150 million, the data show.