Income Gap Crisis: Wealth Of America's Super-Rich Greatest In 20 Years

CBS News   |   October 18, 2007 12:25 PM


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Trickle Up economics has just scored its greatest success and it is being covered up. I wonder why. Could it be embarrassment?

The Internal Revenue Service recently released its fun-filled report on 2005 individual income taxes. The headline is that the super-rich were even more super than in any year since 1986 when the IRS first had comparable data. The news pages of The Wall Street Journal duly took note, but not many others did.

The top 1 percent of all taxpayers earned 21.2 percent of all the money that individuals in the country earned in 2005. So one-hundredth of the taxpayers earned one-fifth of all income. (The data are available here.)

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- SisterAnn See Profile I'm a Fan of SisterAnn permalink

I am not convinced the rich are not dispensible. They are living here, but hiring foreign workers overseas and bringing in immigrants to work here for less money.

We don't have to buy from them, if they leave. We could all have a shot at replacing what they do. To hell with patents and copyrights:-)


    Favorite    Flag as abusive Posted 03:02 PM on 10/22/2007
- PollM See Profile I'm a Fan of PollM permalink

.
Wow pretty sad milk is $4 a gallon.
Gas at $2.75 per Gallon.
Insurance up
Mortgage payments up.
Tax up.

and politicians still say Inflation is tame. WOW, bloody wow.

Has your economic situation improved or deteriorated in the last year?
-----> http://www.youpolls.com/details.asp?pid=739.

    Favorite    Flag as abusive Posted 10:00 AM on 10/22/2007
- Average See Profile I'm a Fan of Average permalink

So exactly when are the LEFT WING LIBERALS who support you people going to actually start putting THEIR money where their mouth is. Kennedy has been whining for YEARS that he wants to help the poor--ever saw him spend any of HIS money? What about Soros? And what about the left wing millionair HOLLYWOOD TYPES? It has been said before and proven with statistics--Republicans support charity with THEIR money. Democrats support charity with YOUR money.

    Favorite    Flag as abusive Posted 07:55 PM on 10/21/2007
- shaggles See Profile I'm a Fan of shaggles permalink

Can you supply some statistics on Rep vs Dem charitable contributions?

    Favorite    Flag as abusive Posted 02:46 PM on 10/22/2007
- helonias See Profile I'm a Fan of helonias permalink

Just reawards for the folks not getting into the kingdom of heaven

    Favorite    Flag as abusive Posted 07:18 PM on 10/21/2007
- kellygrrrl See Profile I'm a Fan of kellygrrrl permalink

"Income-Gap Crisis"

really, no shit?

welcome to the class system, America

    Favorite    Flag as abusive Posted 11:48 AM on 10/21/2007
- jake106 See Profile I'm a Fan of jake106 permalink

You apparently have no idea what an actual class system is. The sad thing is, many Americans live in a bubble where they have convinced themselves that we actually DO live in a class system. Talk to some people who have immigrated here from other countries and all they can talk about is how you have more opportunities in America to thrive and prosper than anywhere else in the world.

    Favorite    Flag as abusive Posted 10:13 AM on 10/22/2007
- scooperss See Profile I'm a Fan of scooperss permalink

and as their wealth goes up, their morals,empathy,class,and values hit rock bottom.

    Favorite    Flag as abusive Posted 08:11 AM on 10/21/2007
- researcher See Profile I'm a Fan of researcher permalink

americans want capitalism now live with it middle class as you line up to vote these two parties into office while they screw you over and over again and smile all the way to the bank with their large donations from corporations. ask hillary about her donations from medical insurance corporations and pharm corporations.

if she wins they will rake in big profits and bankrupt this country. what am I saying we are already bankrupt. print more money please.

    Favorite    Flag as abusive Posted 03:25 AM on 10/21/2007
- mediamarv See Profile I'm a Fan of mediamarv permalink

That explains how someone could spend $2M for Limbturd's letter on eBay.
Incestuous, isn't it!!!

    Favorite    Flag as abusive Posted 01:17 PM on 10/20/2007
- Ramirez See Profile I'm a Fan of Ramirez permalink

The money spent went to charity, as well as the matching donation from Limbaugh. Perhaps it was a Good Thing, eh?

    Favorite    Flag as abusive Posted 01:42 PM on 10/20/2007
- PollM See Profile I'm a Fan of PollM permalink

.
Wow pretty sad milk is $4 a gallon.
Gas at $2.75 per Gallon.
Insurance up
Mortgage payments up.
Tax up.

and politicians still say Inflation is tame. WOW, bloody wow.

Has your economic situation improved or deteriorated in the last year?
-----> http://www.youpolls.com/details.asp?pid=739.

    Favorite    Flag as abusive Posted 10:41 PM on 10/19/2007
- fulano See Profile I'm a Fan of fulano permalink


The smart billionaires of old flew under the radar
Thier offspring and new age billionaires aren't that savy and are to many years and zero's away from the knowledge that flaunting your wealth and upper class privledge will eventually cause you to lose your head.
The only lame defense they can come up with is the old bs "now your playing the class card!)
Yea we understand now (I hope!) that there is a class system in the USA and always has been one.

Them thats got and thems that's not.
maybe it's time for a cultural revolution here,
I know I'd love to see the Donald, Paris H, and some others like Steve Forbes made to wear dunce caps and have to sweep the streets

    Favorite    Flag as abusive Posted 07:12 PM on 10/19/2007
- jake106 See Profile I'm a Fan of jake106 permalink

You are just jealous because you lack the ability to become rich. The envy is fairly obvious, dripping off your every word.

    Favorite    Flag as abusive Posted 10:14 AM on 10/22/2007
- BRUMALIA See Profile I'm a Fan of BRUMALIA permalink

The pauperization,impoverishment, and intense marginalization of the American middle class continues incessantly with the widening of the income gap.The poor gets poorer and the riuch gets richer.Horatio Alger is DEAD !!

    Favorite    Flag as abusive Posted 03:59 PM on 10/19/2007
- Tator See Profile I'm a Fan of Tator permalink

When you tax the working guy at 40% of his income(all taxes local, state, federal) it is pretty easy to see why he stays poor. So who is resonsible for keeping the poor guy poor?

    Favorite    Flag as abusive Posted 06:25 AM on 10/21/2007
- Misanthrope2 See Profile I'm a Fan of Misanthrope2 permalink

The rich guy, of course. He doesn't pay taxes.

    Favorite    Flag as abusive Posted 09:43 AM on 10/21/2007
- citizenofmars See Profile I'm a Fan of citizenofmars permalink

That photo- Is that a still from "La Dolce Vita"? Wow!

    Favorite    Flag as abusive Posted 03:03 PM on 10/19/2007
- MissingAmerica See Profile I'm a Fan of MissingAmerica permalink

We've had too many years of this administration's policy which takes from the poor and gives to the rich. Our corporations have moved their logo overseas to avoid paying taxes. The jobs have moved overseas, which means we Americans have no work and are taxed on the little we manage to get. Yet Bush continues to give tax breaks to those who have made the mess. We little people have no jobs, no healthcare and little hope. Yet the tax breaks go to the rich. We have some like Gates and Oprah who give back. Then we have people like Bush and Paris who just take, thinking they're so great the world owes them. They need to be put in their place, and the taxes need to be paid by those who can afford to pay them. Until the system is fixed, the little people will continue to disappear into the background.

    Favorite    Flag as abusive Posted 12:45 PM on 10/19/2007
- LenP See Profile I'm a Fan of LenP permalink

Yeah. Thanks, Bush. You're tax cuts that benefit the top 10% have helped your "base" do v-e-r-y well for themselves.

And your war is funneling billions to your buddies at Haliburton and the Military Industrial Complex.

And despite your rhetoric that the tax cuts and the war are for "our" benefit, who is REALLY the beneficiary here?

Certainly NOT the American people. Or the Iraqi people for that matter.

    Favorite    Flag as abusive Posted 11:30 AM on 10/19/2007
- Misanthrope2 See Profile I'm a Fan of Misanthrope2 permalink

America has always been a plutocracy.

The difference is that social mobility has pretty much ended. Brains and hard work will no longer allow you to move up in class.

The rich are taking further steps to end social mobility. Their cheerleader Greenspan has called for increasing the immigration of the college educated to cut the cost of the labor of those who get college degrees.

And with 75 percent of college freshmen coming from the upper quarter of wealth, and only 5 percent coming from the bottom quarter, only rich kids can go to college and try for an advanced degree.

The American Dream is pretty much over. If I had to guess, I would say fascism is the end result of a plutocratic corporatist system.

    Favorite    Flag as abusive Posted 09:41 AM on 10/19/2007
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