Greedy and Greedier – Your Plutocracy at Work

Welcome to the Plutocracy.

According to an analysis of 2008 tax returns, the rich are still getting richer, and are paying less in taxes.

Duh.

And I mean, “Duh”.

But you have no idea just how bad the situation has gotten.  How much you and I have been sold out.

No idea.

An analysis of the top 400 income earners in the US yields gobsmakckingly, mindnumbingly, OMGWTF stunning results.

400 Americans reported at least $110 million in income on their federal tax returns. These 400, in a year that ended with millions of Americans out of work and home, averaged $270.5 million each, the second-highest U.S. top 400 average income on record.

And then…

In 1955, for instance, America’s top 400 averaged — in 2008 dollars — $13.3 million. In other words, the top 400 in 2008 reported incomes that, after taking inflation into account, amounted to more than 20 times the incomes of America’s top 400 a half-century ago.

But wait, that’s not all…

But 1955’s top 400 didn’t just make far less than 2008’s top 400. The rich in 1955 paid far more of their income in taxes than today’s rich. In 2008, the new IRS data show, the top 400 paid only 18.1 percent of their total incomes in federal income tax. The top 400 in 1955 paid 51.2 percent of their total incomes in tax.

Now, you and I may be in total agreement over what the role of government is. Or you may think the only thing government should do is provide for the common defense. Either way, here is a truth:

Whatever the government’s role, its cost is “X”. The rich, the top 1% of Americans, are paying a smaller proportion of X now than they were 50 years ago. Which means YOU are paying MORE.

YOUR wages have been stagnant. Their income is 20 times more than it was 50 years ago – IN CONSTANT, INFLATION-CORRECTED DOLLARS!

After taxes, and after adjusting for inflation, 2008’s top 400 had a staggering $85 billion more left in their pockets than 1955’s most awesomely affluent.

Holy crap!

Thanks to Majority Report for ruining my digestion by providing the link, and the Daily Post for the topic!

Advertisements

Tags: ,

One Response to “Greedy and Greedier – Your Plutocracy at Work”

  1. Question for John Carter (R, TX-31) « Politically Me Says:

    […] on the wealthy are the lowest they have been in generations (while the rest of us haven’t gotten a break) on the promise that they would create jobs for […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: