Saturday, July 10, 2010

Income Gap Between Rich and Poor Is Highest in Decades, Data Show .

The Bush administration's tax cuts have led to the gap between the richest and poorest Americans tripling to the highest point it has been in over eighty years.

New data show that the gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest parts of the population in 2007 was the highest it's been in 80 years, while the share of income going to the middle one-fifth of Americans shrank to its lowest level ever.

The CBPP report attributes the widening of this gap partly to Bush Administration tax cuts, which primarily benefited the wealthy. Of the $1.7 trillion in tax cuts taxpayers received through 2008, high-income households received by far the largest -- not only in amount but also as a percentage of income -- which shifted the concentration of after-tax income toward the top of the spectrum.

Some people used to argue on here at the time of the tax cuts that these were not tax cuts for the rich. The proof is in the pudding.

The rich are getting richer and the poor are getting poorer. And Bush did this whilst turning Clinton's surplus into his deficit. Passing the cost of his tax cuts, and both of his wars, on to the shoulders of children further down the line.

The very thing which Republicans claim to be outraged over by Obama's current deficit.

I didn't hear them screaming when Bush was creating a deficit in order to give the rich tax cuts.

Click here for full article.

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