Top 1% wealthiest earners incomes almost triple, thanks to tax codes

We should thanks our politicians on that one, because their believes that tax cuts for the rich will increase jobs in the nation.

Well no so as by statistics.

While the top earners has increased their incomes to almost three times the median income of the working class has decreased since 2008.

"For the 1 percent of the population with the highest income, average real after-tax household income grew by 275 percent between 1979 and 2007," said the report from the CBO, a nonpartisan budget and tax analysis arm of Congress.

The next-highest 19 percent of earners saw their income grow by 65 percent over the same period. Income grew by just under 40 percent for the 60 percent of the population in the middle, while the 20 percent at the bottom of the scale saw income growth of only about 18 percent, the report said.

So much for the trickle down economics, right?

"The rules have been changed by the unfair tax policies of the last decade and our tax code is doing less to level the playing field than it was in the past."

Levin is the top Democrat on the U.S. House of Representatives' tax-writing Ways and Means Committee.

As a result of this uneven shift, income was substantially more skewed toward the very top of the income scale in 2007 than it was in 1979, CBO said.

www.msnbc.msn.com...

US incomes kept falling

Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.

Is good to be rich in the nation of the pleanty.

Henry S. Farber, an economics professor at Princeton, found that people who lost jobs in the recession and later found work again made an average of 17.5 percent less than they had in their old jobs.

Sad itsn't it, and is not going to get any better for the working class.

www.msnbc.msn.com...

Wow, a study by a democrat.
And it's not biased how?

this is why it should be Called Occupy Washington fronm the get-go...... tax codes need an overhaul.....but ACORN knows that it needed a diversion to sheild the Dems so we got OWS

reply to post by haarvik


Now don't get hasty my friend, the CBO is an old federal agency is not "a Democrat" that came out with the numbers, and the Democrat just made a comment on the CBO findings.

The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that provides economic data to Congress.[1] The CBO was created as a nonpartisan agency by the Congressional Budget and Impoundment Control Act of 1974.

en.wikipedia.org...

www.cbo.gov...

Once again... still in favor of a flat tax with no loopholes.

reply to post by marg6043

Levin is the top Democrat on the U.S. House of Representatives' tax-writing Ways and Means Committee.

So he is in fact a part of the committee that oversees the tax laws. So in other words, he has himself to blame if his statements are in fact accurate.

Flat tax or no tax!

reply to post by haarvik


The only fault I find is that the government of Obama has known this since they has been in power, but they waited until now, in "pre election year" to use the information to their advantage.

Sadly the information is true, Americas working class is in big trouble the gab between the top elite, you know the ones that have all the wealth to buy whores in congress and the working class is getting dangerously too wide, making America a very difficult nation for those that are not so lucky to influence their for the people politicians in their favor.

reply to post by marg6043


Ahh...common ground, I love it!

yep, amazing how when his numbers are at a record low for a president, he starts pulling rabbits out.
Lower student loan repayment terms, we need fair taxes! Apparently no one remembers when he renewed the Bush tax cuts! Same shill, different look.

Don't mind the man behind the curtain, he's the janitor!

reply to post by haarvik


Exactly!!!!!! this shows how the politicians from our two elite parties do not give a crap about helping the hard working tax payer in the nation and their promises are just that empty promises, they take information and keep it until is time to use it for their own advantage.

Now with the OWS making news this will make people more angry because that is what they are actually and supposedly going against off.

The after-tax revenue of the country's wealthiest 1 percent tripled between the years 1979 and 2007. A new report from the Congressional Budget Office presented the findings. The incomes for other categories increased at a much slower rate. The brand new report gives more fuel to the national deficit reduction discussion as well as to the Occupy Wall Street movement. After tax income for wealthiest one percent has tripled since 1979. It only confims what Americans already know. The rules have been changed by the unfair tax policies of the last decade and our tax code is doing less to level the playing field than it was in the past.

reply to post by jjkenobi


Really? So, you must be pretty well-off then? 'Cause if you're bringing home less than seven digits a year, a flat tax isn't going to be your friend.

reply to post by remieB


Remember, "lobbying / bribing to legalize your tax evasion" coupled with "threatening to crash the economy unless bailed out with public funding" and "more bribes to cut regulations so we can pass costs on to the consumer even more" is what many ATS posters have in mind when they tell you that the wealthy should keep all this money that they've... earned.

Great thread to openly appealed on what inequality stands. I hope this would all bring a good back to our nation.

reply to post by marg6043


Can you define these tax codes some? It seems everyone talks in a generic way without ever even giving examples of code changes that the rich now get that allows them to triple their income...

How about any code that they get?

The news about the wealthy in this country is so infuriating I wonder if somebody is honestly trying to get us riled up.

Or maybe they've just decided they can do whatever they want and nobody but a few "smelly hippies" will say anything. This seems more likely, actually.

In fact, not only will most people not do anything -- they will actually do pro-bank propaganda for free on the net, bashing the "hippies" !

Originally posted by Partygirl
Or maybe they've just decided they can do whatever they want and nobody but a few "smelly hippies" will say anything. This seems more likely, actually.

Well, that view of theirs has been backed by reality. Money talks, after all.

In fact, not only will most people not do anything -- they will actually do pro-bank propaganda for free on the net, bashing the "hippies" !

Ah, you've been to AboveTopSecret, I see... Oh.. .wait...

reply to post by TheWalkingFox


How so? Explain please. How is lowering the taxes the wealthy pay to your level unaffordable to you?