Thu 18 Feb, 2010
The incomes of the top 400 American households soared to a new record high in dollars and as a share of all income in 2007, while the income tax rates they paid fell to a record low, newly disclosed tax data show.
In 2007 the top 400 taxpayers had an average income of $344.8 million, up 31 percent from their average $263.3 million income in 2006, according to figures in a report that the IRS posted to its Web site without announcement that were discovered February 16.
[...]
Adjusted for inflation to 2009 dollars, the top 400 enjoyed a 27 percent increase in their income, or nine times the rate of increase for the bottom 90 percent, based on an earlier analysis of tax data published by Profs. Emmanuel Saez and Thomas Piketty, economists at the University of California at Berkeley who have been studying global income trends.
Since 1992, the bottom 90 percent of Americans have seen their incomes rise by 13 percent in 2009 dollars, compared with an increase of 399 percent for the top 400.
[...]
The annual top 400 report was first made public by the Clinton administration, but the George W. Bush administration shut down access to the report. Its release was resumed a year ago when President Obama took office. The Statistics of Income Division at the IRS created the top 400 reports at the urging of Joel Slemrod, a business professor at the University of Michigan.
I love how Americans get pissed off about having no jobs and no money, so they vote for Republicans who pass laws that makes it easier for corporations to send jobs overseas; which allows CEOs to make more money that isn’t going to be taxed because Republicans have slashed their tax rates.
5 Responses to “The rich got richer, and paid less taxes under governor bush
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Tags: governor bush, I would kill 7 babies for the chance to make that much money, Rich People Run This CountryComments (5)
nahummer says:
Aaaah Phuck, you’re getting closer to the truth here. The secret that Dubya and his gang even kept secret that they were keeping secret from us. The real trick though is that they have managed to convince a great number of ‘true Americans’ that a world where only a few reap the rewards while the rest toil to even come close to maintaining the living standards of their parents is the ideal system. Truly a work of art, I’m forced to take my hat off to them. Cocksuckers.
Phuck Politics says:
@nahummer – We can’t give governor bush all the credit. He just picked up where Reagan left.
The BoBo says:
In case you forgot – it was Clinton who made China a most favored trading nation and it was Clinton who implemented NAFTA that gave those corporations the ability to send those jobs to China.
The only one’s to blame for all this are those Dems who have been in control of this economy since 2006. This country was doing quite well up to that point – I know you know how to google – check all the charts, graphs, statistics – what have you – showing how his economy was doing until 2006. It’s been a downward curve since then. But – don’t let facts get in the way of stupidity.
Phuck Politics says:
@The BoBo – Let me check my checklist on “How to tell if a commentator is a Conservative/Republican/Libertarian”:
Goddamn, this checklist hasn’t failed me yet.
The BoBo says:
Bwahaha! Good one
Let me use my checklist on “How to tell if a blog author makes up his own shit”
Deny Clinton ever had any involvement…[X]
Forget that Clinton was actually President from 1993 – 2001 and NAFTA went in to effect 1/1/94…[X] (he could have repealed it)
Blame Republicans for the failures of the Democratic controlled Congress from 2006 to Present….[X]
Never blame Liberals/Progressives?Democrats for anything…[X]
Insult author of…oh wait..I did do that didn’t I?