And these crybaby Mo-Fo's are worried about paying a few more percentage points in income tax?
Income Gaps Between Very Rich and Everyone Else More Than Tripled In Last Three Decades, New Data Show — Center on Budget and Policy Priorities
The gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest fifths of the country more than tripled between 1979 and 2007 (the period for which these data are available), according to data the Congressional Budget Office (CBO) issued last week. Taken together with prior research, the new data suggest greater income concentration at the top of the income scale than at any time since 1928.
Between 1979 and 2007, average after-tax incomes for the top 1 percent rose by 281 percent after adjusting for inflation an increase in income of $973,100 per household compared to increases of 25 percent ($11,200 per household) for the middle fifth of households and 16 percent ($2,400 per household) for the bottom fifth
Income Gains at Top Have Outpaced All Other Groups Since 1979
The average after-tax income of the top 1 percent of the population nearly quadrupled, from $347,000 to over $1.3 million. As noted, this represented an increase of $973,100, or 281 percent, per household.
By contrast, the average after-tax income of the middle fifth of the population rose from $44,100 in 1979 to $55,300 in 2007 a relatively modest gain of $11,200 or 25 percent.
Bush-Era Tax Cuts Have Exacerbated Income Gaps
Legislation enacted under the Bush Administration provided taxpayers with about $1.7 trillion in tax cuts through 2008. Because high-income households received by far the largest tax cuts not only in dollar terms but also as a percentage of income the tax cuts have increased the concentration of after-tax income at the top of the spectrum.
Income Gaps Between Very Rich and Everyone Else More Than Tripled In Last Three Decades, New Data Show — Center on Budget and Policy Priorities