July 23, 2008

Recession Be Damned: Rich Still Getting Richer

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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.

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DECEMBER IS MAKE OR BREAK

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With only days left until December 31, we've raised about half of our $400,000 goal—but we need a huge surge in reader support to close the remaining gap. Whether you've given before or this is your first time, your contribution right now matters.

Managing an independent, nonprofit newsroom is staggeringly hard. There’s no cushion in our budget—no backup revenue, no corporate safety net. We can’t afford to fall short, and we can’t rely on corporations or deep-pocketed interests to fund the fierce, investigative journalism Mother Jones exists to do. That’s why we need you right now. Please chip in to help close the gap.

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