pal_of_poor
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- Aug 14, 2009
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Income Shares: Rich get a Bigger Slice
This chart represents the share of income going to the bottom 90 percent of Americans shrinking between 1970 and 2000. Among the top 10 percent, the higher a person ranked the more ones slice of the economic pie grew. The changes are from 1970 to 2000.
Bottom 90% (incomes) shrunk from 67.1% in 1970 to 52% in 2000.
Decrease of 22.5%
______________________________________
From 90-95 incomes gained only slightly from 11.1 to 11.1 which was
Positive change of 0.4%
_______________________________________
From 95-99% 12.7% to 15.2%
This represents a positive 19.5% change
_______________________________________
99. to 99.5% from 2.8 to 4.1%
Increase of 47.0%
________________________________________
99.5% to 99.9%, 3.5% to 6.6%
Increase of 90%
________________________________________
99.9 to 99.99%, increased from 1.8% to 5.9%
A whopping 412% increase in incomes.
________________________________________
Perfectly Legal, by David Cay Johnston, p.33
As this trend goes, so will the death of our democracy. As I said, when you look at this kind of thing, all having to do with how our politicians have manipulated things since 1970, politicians on both sides representing mostly the rich, giving them tax breaks while all of us have to endure higher taxes on sales, gas, more fees on utilities, and higher very regressive social security taxes, you have to wonder how long it will take for us to implode from within.
Another unfortunate consequence from money being concentrated in this manner is that those who want to try and climb the social ladder, and start a business are increasingly hampered, as the majority of us who will be customers fall further and further behind, being able to buy less and less. As taxes are cut for the richest, with income, inheritance, and capital gains cuts, the rest of us will have to endure ever higher increases to make up for the money given to the richest. Anytime you hear of a cut to the top two percent, which were the majority of Bushs cuts, you will know that eventually these taxes will fall back on top of you.
This trend, if it continues, will crush the economic life out of America. These figures are correct up to 2000, and the trend has continued, the gaps even more extreme now, after nearly eight years of Bush giving tax cuts to the richest, from money borrowed from China, Saudi Arabia, and China.
Even conservative pundit Ben Stein likes to say, we can tax that top group way more than we do.
This chart represents the share of income going to the bottom 90 percent of Americans shrinking between 1970 and 2000. Among the top 10 percent, the higher a person ranked the more ones slice of the economic pie grew. The changes are from 1970 to 2000.
Bottom 90% (incomes) shrunk from 67.1% in 1970 to 52% in 2000.
Decrease of 22.5%
______________________________________
From 90-95 incomes gained only slightly from 11.1 to 11.1 which was
Positive change of 0.4%
_______________________________________
From 95-99% 12.7% to 15.2%
This represents a positive 19.5% change
_______________________________________
99. to 99.5% from 2.8 to 4.1%
Increase of 47.0%
________________________________________
99.5% to 99.9%, 3.5% to 6.6%
Increase of 90%
________________________________________
99.9 to 99.99%, increased from 1.8% to 5.9%
A whopping 412% increase in incomes.
________________________________________
Perfectly Legal, by David Cay Johnston, p.33
As this trend goes, so will the death of our democracy. As I said, when you look at this kind of thing, all having to do with how our politicians have manipulated things since 1970, politicians on both sides representing mostly the rich, giving them tax breaks while all of us have to endure higher taxes on sales, gas, more fees on utilities, and higher very regressive social security taxes, you have to wonder how long it will take for us to implode from within.
Another unfortunate consequence from money being concentrated in this manner is that those who want to try and climb the social ladder, and start a business are increasingly hampered, as the majority of us who will be customers fall further and further behind, being able to buy less and less. As taxes are cut for the richest, with income, inheritance, and capital gains cuts, the rest of us will have to endure ever higher increases to make up for the money given to the richest. Anytime you hear of a cut to the top two percent, which were the majority of Bushs cuts, you will know that eventually these taxes will fall back on top of you.
This trend, if it continues, will crush the economic life out of America. These figures are correct up to 2000, and the trend has continued, the gaps even more extreme now, after nearly eight years of Bush giving tax cuts to the richest, from money borrowed from China, Saudi Arabia, and China.
Even conservative pundit Ben Stein likes to say, we can tax that top group way more than we do.
