Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

1 Bump

Why has the gap between the richest and poorest more than tripled in the last 30 years?

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.

 
sweet-a-kins

Asked by sweet-a-kins at 7:01 PM on Jul. 8, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (21)
  • because the rich dont want to share there wealth, they want to stay on top and they will do what ever it takes to stay there. end of story
    mrssundin

    Answer by mrssundin at 8:12 PM on Jul. 8, 2010

  • Because the new trend is to outsource manufacturing and tell all the people that lose their jobs to bend over and work a drive thru
    NotPanicking

    Answer by NotPanicking at 7:02 PM on Jul. 8, 2010

  • IMO, its becuase the Bible said it would happen in the end times.
    jamesmommy512

    Answer by jamesmommy512 at 7:07 PM on Jul. 8, 2010

  • The average household in the top 1 percent earned $1.3 million after taxes in 2007, up $88,800 just from the prior year, while the income of the average middle-income household hovered around $55,300. While the nation's total income has grown sharply since 1979, according to the CBPP report, the wealthiest households have claimed an increasingly large share of the pie.


    Arloc Sherman, a researcher for CBPP, said the income gap is expanding not because the middle class is losing income, but because the wealthiest incomes are skyrocketing.


    "If income growth had been shared equally among all income groups, the families at the bottom would have $6,000 per year more than they do now, and the middle would have $13,000 more," he said.


    http://www.huffingtonpost.com/2010/07/08/income-gap-between-rich-a_n_639984.html

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 7:02 PM on Jul. 8, 2010

  • Because the new trend is to outsource manufacturing and tell all the people that lose their jobs to bend over and work a drive thru


    So its greedy corporations and the politicians that love them

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 7:06 PM on Jul. 8, 2010

  • So its greedy corporations and the politicians that love them

    Greedy or taxed to death? Six of one, half dozen of the other. When you make it impossible to stay in business here, there's not much you can do. It's only going to get worse. Go look up the 1066 change they snuck in the healthcare bill that is going to wipe out tons of businesses with paperwork they can't afford to hire people to do or rent extra space to store.
    NotPanicking

    Answer by NotPanicking at 7:08 PM on Jul. 8, 2010

  • Greedy or taxed to death? Six of one, half dozen of the other. When you make it impossible to stay in business here, there's not much you can do


    I disagree, the CEO's salary started BALLOONING at the same time.  Thye COULD stay in business here, everyone makes money, CEO still gets rich and pay LIVABLE wages....and the community is helped with JOBS. Instead, they now take the jobs OUT of the communities, they can't BUY product or pay taxes....so where does that leave OUR economy? our communities?

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 7:11 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."


    YAHOO

    LoriKeet

    Answer by LoriKeet at 7:17 PM on Jul. 8, 2010

  • Lori, what does that have to do with this Q?

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 7:21 PM on Jul. 8, 2010

  • I disagree, the CEO's salary started BALLOONING at the same time. Thye COULD stay in business here, everyone makes money, CEO still gets rich and pay LIVABLE wages....and the community is helped with JOBS. Instead, they now take the jobs OUT of the communities, they can't BUY product or pay taxes....so where does that leave OUR economy? our communities?

    ***
    Of course a permanent lowering of corporate taxes and FEDERAL TAX HOLIDAY would go a long way towards manufacturing corporations to come BACK to the US, create jobs and turn the economy around. But NOOOOOO....the libs want everyone to be "equal" and have a whole bunch of entitlement programs and subsidies, which is only possible by taxing the rich and the large corporations!!

    Why would wealthy individuals or large companies CHOOSE to stay in a country where they are fleeced of their profits, so that others can get oodles of freebies without actually working for them?
    LoriKeet

    Answer by LoriKeet at 7:24 PM on Jul. 8, 2010

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN