The latest report about income inequality from the Center on Budget and Policy Priorities may explain more of the frustration in the country than all the teabag waving last week.
Between 1979 and 2006, the richest one percent of Americans saw their after-tax incomes increase by 256 percent. That’s $863,000.
The income of folks in the bottom fifth went up by 11 percent in those same 27 years, a whopping $1,600. People in the middle fifth saw an increase of 21 percent, or $9,200.
The richest one percent enjoyed an increase of $63,000 in just one year, from 2005 to 2006. The Center points out that is almost twice as much as the total income of a middle class household.
And remember all these figures are after taxes.
Somebody remind me again why taxes are too high on the super wealthy.