In sad news, the Wall Street Journal reported that the top 1% of Americans took in a paltry 20% of the TOTAL income in 2005. Is it any wonder that Michele Bachmann is doing her very best to give much needed relief to this under served yet increasingly wealthy group? Certainly, if the ultra wealthy are reaping these kinds of rewards the rest of us should be seeing similar gains as 'trickle down' economics teaches us. Oops, it seems that while the wealthy accrue an increasing percentage of the wealth, the bottom 50% of us saw income drop to 12.8% (below 2000 levels) of TOTAL income. It seems as though we are being less trickled upon and more crapped upon!
It begs the question, When am I going to get 'trickled' on?
Income-Inequality Gap Widens
Boom in Financial Markets
Parallels Rise in Share
For Wealthiest Americans
Highlights:
Parallels Rise in Share
For Wealthiest Americans
Highlights:
The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue Service. That is up sharply from 19% in 2004, and surpasses the previous high of 20.8% set in 2000, at the peak of the previous bull market in stocks.
The bottom 50% earned 12.8% of all income, down from 13.4% in 2004 and a bit less than their 13% share in 2000.
The IRS data go back only to 1986, but academic research suggests the rich last had this high a share of total income in the 1920s.
The data highlight the political challenge facing Mr. Bush and the Republican contenders for president. They have sought to play up the strength of the economy since 2003 and low unemployment, and the role of Mr. Bush's tax cuts in both. But many Americans think the economy is in or near a recession. The IRS data show that the median tax filer's income -- half earn less than the median, half earn more -- fell 2% between 2000 and 2005 when adjusted for inflation, to $30,881. At the same time, the income level for the tax filer just inside the top 1% grew 3%, to $364,657.
