In keeping with W's new national parks initiative I thought I'd put a positive spin on the new analysis by Jared Bernstein of the Economic Policy Institute (I <3 Bernstein.)
*Income inequality among households, both before and after Federal taxes, grew more quickly over the last two years of the series, 2003-05, than over any other two-year period on record, back to 1979.
*If we break households in groups of 20% each by income, well over half of household income (55%) was held by the richest fifth in 2005, the highest such share on record.
Good thing the progressive tax is in place to punish the upper tax brackets. You know, the 10% of Americans that pay 70% of the income tax burden:
ReplyDeletehttp://www.hoover.org/research/factsonpolicy/facts/6771827.html