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.)