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Recession Be Damned: Rich Still Getting Richer

The Wall Street Journal reports today on new IRS data showing that in 2006, the richest 1 percent of Americans claimed the largest share of the nation's adjusted gross income in 20 years. The level is so high that the IRS suspects it might be the highest it's been since the onset of the Depression. Naturally, as their income goes up, rich people's taxes are also going down. The tax rate for the richest 1 percent in 2006 fell to its lowest level in 18 years, in large part because of the Bush tax cuts that John McCain wants to extend.






Comments

i really don't get the impression that a lot of americans are interested in these statistics. republicans (or maybe it's just a broader cultural thing) have done a great job portraying wealth and the wealthy as necessarily and almost exclusively good and noble things, completely squashing any serious debate about what is happening to that remaining 99% of americans. i think of the nascar dad voting for massive tax cuts that will ultimately undermine his economic status because he believes he is destined to join that lucky 1% if he keeping working hard and playing by the rules. if mccain should win in november, i can only imagine what these stats will look like in 2012...

Posted by: nmc on 07/23/08 at 7:28 AM  Respond

Speaking of McCain, hoping you guys are just dotting 'i's and crossing 't's on your first coverage of the McCain/CBS/doctored interview scandal...it's kind of a huge deal and not seeing it elsewhere...

Posted by: Kevin on 07/23/08 at 8:25 AM  Respond

@ Kevin:
Thank God for Keith Oberman. He covered it hours after it happened.

Posted by: another lib on 07/23/08 at 9:03 AM  Respond

What's the big deal - I don't begrudge the rich - I have never worked for a poor man. The rich provide jobs - I hope they are doing well. If I was running things the rich would not pay any taxes. I want them expanding their business to employ more people. If we did't have an income tax and instead went with a national sales tax - this would not even be an issue.

Posted by: aviationgod on 07/23/08 at 2:12 PM  Respond

Bush should call a press conference to proclaim these statistics. Be a perfect opportunity to get s little more use out of that "Mission Accomplished" banner. So hey, that "trickle down" should be starting any day now, right?

to aviationgod: That Kool-Aid must be good. So the statistics show that the rich are richer than ever; how's that job market doing? And I have to say, the best jobs I've ever had weren't working for anyone who was rich.

Posted by: DaveD on 07/24/08 at 4:51 AM  Respond

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