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The presidential election has given us two myths about the rich. First, that their incomes, and income inequality, are at all-time highs. Second, that the wealthy pay less in taxes than ever, and lower taxes than the rest of us.
A recent report from the Congressional Budget Office, however, suggests that both may be false.
Let’s consider income first. Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent. On a pre-tax basis they fell 36 percent in the same period. ...[continues]
That may sound like a minor haircut for One Percenters compared to people who lost their jobs. But when you take into account federal transfers, assistance and taxes paid, the incomes of the bottom 20 percent grew by 3 percent, while it fell a modest 2 percent for the middle 20 percent.
In other words, the incomes of the top one percent fell 18 times more than the incomes for the middle class at the start of the recession.
So the rich lost more income and paid more of their money in taxes than the rest of the population.
And taxes paid? Despite the oft-repeated fact that tax rates for the wealthy are at an all-time low (which is true), it’s also true that the actual amount paid in taxes by the wealthy is higher than before the recession.
Originally posted by buster2010
Reading this has melted my heart of stone. Is there some way we can start some kind of telethon or a benefit to help these poor people out? Tears are forming in my eyes thinking these people won't be able to afford that second mansion in the Hampton's they have had their eye on.
What happened three years ago really isn't going to bother people now. When they have to decide between food or medicine for their child is when people start to care.