Top Heavy

[Bob]

Income concentration: Top heavy | The Economist heavy

Oct 7th 2009
From Economist.com
A quarter of America's total income is earned by the top 1%

AMERICA is the wealthiest country in the world and its rich keep earning more. In 2007, the latest year for which data are available, the top 1% increased their share of the country's income to 23.5%, according to analysis of tax returns by a pair of economists, Emmanuel Saez and Thomas Piketty. The concentration of income earned by this top percentile now stands at its highest since 1928. Two-thirds of the country's total gains in the five years to 2007 accrued to the top 1%, whereas the bottom 90th percentile saw only 12% of the extra income.

 

[Blair]

Income concentration: Top heavy | The Economist heavy

Oct 7th 2009
From Economist.com
A quarter of America's total income is earned by the top 1%

AMERICA is the wealthiest country in the world and its rich keep earning more. In 2007, the latest year for which data are available, the top 1% increased their share of the country's income to 23.5%, according to analysis of tax returns by a pair of economists, Emmanuel Saez and Thomas Piketty. The concentration of income earned by this top percentile now stands at its highest since 1928. Two-thirds of the country's total gains in the five years to 2007 accrued to the top 1%, whereas the bottom 90th percentile saw only 12% of the extra income.

Could be why they also pay more than 50% of all income taxes too....

 

[scooterbug44]

It would be quite interesting to see how much those numbers have shifted post-global recession.

Also noteworthy IMO that the last time it was that concentrated was pre-Great Depression.

 

[kkddbb]

funny because everything ive read is the complete opposite. in fact, everyone i know has lost their shirt in the last year. and exactly why the economist is not something i take too seriously judging on their past record.

so bob, do you think we should go to these peoples home and take their stuff away so you can have it?

 

[scooterbug44]

The stats are from 2007 - hence my comment as to why it would be interesting to see more recent data.

 

[kkddbb]

The stats are from 2007 - hence my comment as to why it would be interesting to see more recent data.

forbes just released some interesting data....

 

[Water Boy]

I don't want what they have, I'm happy with what I have.

 

[poppy]

forbes just released some interesting data....

And that would be?

 

[Lake View Too]

Damn! kk actually had some facts, but he forgot where he put them!

 

[Bob]

funny because everything ive read is the complete opposite. in fact, everyone i know has lost their shirt in the last year. and exactly why the economist is not something i take too seriously judging on their past record.

so bob, do you think we should go to these peoples home and take their stuff away so you can have it?

i believe the facts speak for themselves. there is sliver of our population that are obscenely rich, and here we sit arguing over access to healthcare.