Dear Dirty America

DDA

Edging Toward Poverty: Income Gains Going Straight to the Top

March 09
21:22 2012

Berkeley economist Emmanuel Saez found:

In 2010 — the first full year since the end of the Great Recession — virtually all of the income growth in America took place among the country’s very wealthiest people…. The top 1 percent of earners took in a full 93 percent of all the income gains that year, leaving the other 7 percent of gains to be sprinkled among the vast majority of society.

While much of the country is simply treading water, with a growing number of people either edging toward poverty or already there, the richest of the rich seem to be coping nicely.

Income for most workers has barely risen in the last 30 years, but the top 1 percent of earners have seen their income almost triple in the same amount of time. Economists and other experts say that could be the result of any number of factors, including the decline of labor unions, the explosion in capital gains during the middle part of the aughts, and tax policies put in place in recent years that favor the wealthy.

See also, California’s disturbing wealth gap

Related Articles

1 Comment

  1. Geoff Granfield
    Geoff Granfield June 25, 18:48

    It’s common knowledge that New Yorkers simply adore bagels, however I believe that devotion may possibly fade when they find out what the “Sliced Bagel Tax” is. Legislators are finding quite a few quite interesting different ways to retain net income and home and property taxation down in the majority of states, nevertheless there are brand new taxes popping up in other areas. Find out more on that tax rules that could be entertaining if this wasn’t so shocking. http://www.tax-defense-network-tax-laws.com/tax-defense-network-sliced-bagel-tax/

    Reply to this comment

Write a Comment

Leave a Reply

Subscribe

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Dear Dirty America Copyright

© Dear Dirty America, 2011-2017. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Dear Dirty America with appropriate and specific direction to the original content.