Income Gap Continues to Widen
To regular readers of TBP, this is very old news - but the significant play it has gotten recently is not.
We started discussing this in 2005 -- see The Disconnect and Economic Classes. I called it The Middle Class Squeeze; Dan Gross termed it the Cramdown. See also Middle Class Squeeze Continues and The Bifurcated Economy
But the phenomena is very real, and it is likely to continue as a factor imapcting sentiment as well as retail sales.
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Source:
Income Gap Is Widening, Data Shows
DAVID CAY JOHNSTON
NYTimes, March 29, 2007
http://www.nytimes.com/2007/03/29/business/29tax.html
Saturday, March 31, 2007 | 03:00 PM | Permalink
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What else is growing? The percentage of federal income taxes paid by top earners.
According to the IRS, in 1994 the top 1% of incomes paid 29% of all income taxes. In 2004, the most recent year available, the top 1% paid 37% of all income taxes.
The top 10% of incomes in 1994 paid 60% of all income taxes, but in 2004 they paid 68% of the freight.
From an objective analysis of the facts, it appears the current administration has been soaking the rich.
Posted by: Nova Law | Mar 31, 2007 3:53:27 PM
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