Thursday, October 06, 2005

Fattening Up

I seem to be into economics these days. But this is offensive and disgusting:

The Big Picture:
After falling for two years, the share of income going to the richest slice of Americans - the top tenth of 1 percent - grew significantly in 2003 while the share going to 99 percent of Americans fell, tax data released yesterday showed.

At the same time, the effective income tax rates paid by the top tenth of 1 percent fell sharply, declining at more than 10 times the rate reduction for middle-class taxpayers, the new report, by the Internal Revenue Service, showed.

Overall incomes rose by 2.7 percent in 2003, compared with the previous year, the I.R.S. said. A quarter of this increase went to the top tenth of 1 percent, the 129,000 taxpayers with reported incomes of $1.3 million or more, an analysis of the data showed. (emphasis added).


"Other data show that among major world economies, the United States in recent years has had the third-greatest disparity in incomes between the very top and everyone else. Only Mexico and Russia, among major economies, have greater disparity."
Geesh. The children in the White House and Congress are doing an excellent job. And the public, assisted by the fourth estate, has really been a check on unfettered power.

Yeah right.

This is such a small group we could list them. And you know what? It would be the donor base of the GOP.

And hey. How about that international company we share....Mexico and Russia. Hmmm, bastions of equality.

This is crap.


At 10:56 AM, Blogger Lynne said...

What do we have to do to get Americans to wake up? Most of the donor base to the GOP are not in the top 1% and are being hurt by Republicans policy. How can people be so blind?

At 2:35 PM, Blogger Barry Ritholtz said...

Actually, there's asurprising number of Democrats in that top slice

At 2:42 PM, Blogger Greyhair said...

Welcome Barry.

It would be rather interesting to see a breakdown of those 129,000 by party affiliation.

No matter who it is, it's positively undemocratic.


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