The gap between the wealthiest Americans and middle- and working-class Americans has more than tripled in the past three decades, according to a June 25 report by the Center on Budget and Policy Priorities.
New data show that the gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest parts of the population in 2007 was the highest it's been in 80 years, while the share of income going to the middle one-fifth of Americans shrank to its lowest level ever.
The CBPP report attributes the widening of this gap partly to Bush Administration tax cuts, which primarily benefited the wealthy. Of the $1.7 trillion in tax cuts taxpayers received through 2008, high-income households received by far the largest -- not only in amount but also as a percentage of income -- which shifted the concentration of after-tax income toward the top of the spectrum.
Answer by mrssundin at 8:12 PM on Jul. 8, 2010
Answer by NotPanicking at 7:02 PM on Jul. 8, 2010
Answer by jamesmommy512 at 7:07 PM on Jul. 8, 2010
Answer by NotPanicking at 7:08 PM on Jul. 8, 2010
Well, come January, when Bush's tax cuts expire...thanks to Obama who plans on letting them expire you can look forward to:
Higher Capital Gains and Dividends Taxes for ALL
Return of the Marriage Penalty
Return of Phase-Out Rule for Itemized Deductions
Return of Phase-Out Rule for Personal Exemptions
"The Bush tax cuts don't just offer tax relief to the wealthiest Americans. They offer it to just about anyone who pays federal income taxes. Their scheduled demise next year will raise the tax bill of nearly every taxpayer, unless Congress makes changes and the president jumps on board."
Answer by LoriKeet at 7:17 PM on Jul. 8, 2010
Answer by LoriKeet at 7:24 PM on Jul. 8, 2010
Next question overall
How do you do the kegels in a set of 3's? I have a Kegel Master 2000 and i...