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Yes, rich truly do get richer
Key Excerpts from Article on Website of The Sacramento Bee (Sacramento, California's leading newspaper)
Posted: September 6th, 2015
http://www.sacbee.com/opinion/california-forum/article302013...
At first glance, it looks as if Americans incomes grew robustly in the years 2003 through 2012. Total income reported on tax returns, adjusted for inflation, rose almost 18 percent. So why do so many Americans report economic distress? Here are some eye-popping facts ... distilled from a new government report on tax returns filed in 2003 and 2012: Just 1,361 households enjoyed 8.5 percent of the total increase. During the years 2003-2012, the income of those 1,361 households rose from an average of $86 million to $161 million, per income tax filer, per year. As their income increased, their income tax burden fell by 3 cents on the dollar to 17.6 percent of their income. The top 1 percent, or 1.36 million taxpayers, enjoyed more than half of all the increased income in America. Average income declined for 95 percent of households. Think about how vast America is, from Key West, Fla., to Nome, Alaska, from Maine to Hawaii. Most people would never have heard of a town with just 1,361 households, a speck too small for most maps. And yet an economic community that size enjoyed a much thicker slice of the national income pie, while the vast majority of people had to get by on a smaller slice of income pie. While politicians and pundits talk in vagaries about ideology and politics, our Congress slowly but steadily builds an economic, legal and tax structure that takes from the many to benefit the few.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
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