The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans, data in a new report by the Congressional Budget Office shows.
...
The total income of the top 1.1 million households was $1.8 trillion, or 18.1 percent of the total income of all Americans, up from 14.3 percent of all income in 2003. The total 2005 income of the three million individual Americans at the top was roughly equal to that of the bottom 166 million Americans, analysis of the report showed.
The report (pdf).
1 comment:
do you read your own links?
"Part of that increase comes from real bracket
creep—the tendency of effective income tax rates to rise as income grows faster than
inflation, causing more income to be taxed in higher brackets."
more people are making more money. oh i can see where that would be bad. oh my, let's put a stop to that right now!
the rich get richer. it is called inheritance. look it up.
the poor get poorer. yes, giving 12% of there income to uncle sam every year for social security, not a dime of which goes to their children when they die.
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