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Census finds record gap between rich and poor

hazlnut

hazlnut

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Census finds record gap between rich and poor

WASHINGTON

The income gap between the richest and poorest Americans grew last year to its widest amount on record.

New census figures show that young adults and children in particular struggled to stay afloat in the recession.

The top-earning 20 percent of Americans -- those making more than $100,000 each year -- received 49.4 percent of all income generated in the U.S. That's compared with the 3.4 percent earned by those below the poverty line.
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Even if the release of this was timed, it's still relevant to the midterms and taxes.

Now is not the time to give an additional tax break to the wealthy and super-wealthy.
 
hazlnut said:
Census finds record gap between rich and poor



Even if the release of this was timed, it's still relevant to the midterms and taxes.

Now is not the time to give an additional tax break to the wealthy and super-wealthy.
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However, it is a good time to allow tax breaks to corporations to remain in place, so all those poor people can go back to work.
 
Cool, let's just keep soaking everyone so we're all equally miserable. God Bless America!!
 
apdst said:
However, it is a good time to allow tax breaks to corporations to remain in place, so all those poor people can go back to work.
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aren't we now in that period of tax breaks from the bush era ... so why is unemployment so high now if tax breaks to corporations are the means to full employment?
 
Coronado said:
Cool, let's just keep soaking everyone so we're all equally miserable. God Bless America!!
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Nah I have an advantage of being less miserable seeing as I am single. You married people are on a league of their own. Oh and I don't pay taxes.
 
soccerboy22 said:
Nah I have an advantage of being less miserable seeing as I am single. You married people are on a league of their own. Oh and I don't pay taxes.
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You make up for it later, trust me. :(
 
justabubba said:
aren't we now in that period of tax breaks from the bush era ... so why is unemployment so high now if tax breaks to corporations are the means to full employment?
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Unemployment is so high, because of the uncertainty being caused by government legislation and the threat of legislation. Make corporations feel comfortable that they're not going to get hosed with more taxes and bull**** healthcare bills and cap-n-trade and you'll see things start to improve. The unemployment rate has been caused by the government's policies killing jobs.
 
Coronado said:
I'm not going to stop paying the house note, that's for damn sure.
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Oh no doubt. I just find it funny how the older generation complains about taxes. Hell I have come to gripes with the reality that I will probably be paying more in taxes than my parents did or probably many of you here.
 
America's poor are still wealthier then most people living in the world.
 
Another day in Paradise. No state income tax and no snow. Neener neener.

Regards from Rosie
 
1. obama shouldn't have been such a sucker for the toobigs

2. his party is heading into the MIDTERMS 5 weeks from today UNDECLARED on tax cuts for MIDDLE and LOWER earning americans

hope and change, baby

embarrassed yet?
 
This is not a gap between "rich" and "poor". It is a gap between top wage earners and low wage earners. Someone making $100,000 a year is not rich in this country and I would hope people making more than $100,000 a year represents 49.4% of all income earned. This headline is contrived bull****. The cut off for rich versus poor is arbitrary. What do you expect coming from Washington though. And duh, it is only one year and we are in the middle of the worse econonomic crisis in how many years?
 
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I measure rich not by how much I have, but how little I need.
Certainly a lot of us want more than we need, which is a good thing for the economy, UNLESS you are buying your wants using credit.
Living within your means is a good thing...
 
Goof Noodle said:
America's poor are still wealthier then most people living in the world.
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Lamest argument ever...

What ya gonna do.. export you poor to those countries so they become "rich" there?
 
PeteEU said:
Lamest argument ever...

What ya gonna do.. export you poor to those countries so they become "rich" there?
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Our poor couldn't survive in most other countries....
I have poor siblings, and acquaintences, and almost all of them are lacking in work ethic and/or ambition.
OTOH, those that get hit in the face with things beyond their control, those are the ones we should be helping first to get back on their feet, back to paying taxes again...
 
apdst said:
Unemployment is so high, because of the uncertainty being caused by government legislation and the threat of legislation. Make corporations feel comfortable that they're not going to get hosed with more taxes and bull**** healthcare bills and cap-n-trade and you'll see things start to improve. The unemployment rate has been caused by the government's policies killing jobs.
Click to expand...

those high income individuals and businesses, whose wealth is expanding in this down economy, are not hiring because of uncertainty you say
this (notso)great recession was not caused by a boom fueled by artificially low interest rates, greed and failure of public regulation in your view, only the uncertainty of government legislation, increasing taxes and healthcare legislation

let's look at the logic of your surmise
the recession was underway before the health care bill was even being pondered. and its financial impact on business has not yet been felt
taxes are lower than they have been in a half century, causing one to wonder why tax rates are of such heightened concern to businesses
and what federal regulation is on the horizon which would have significant financial implications for business ... and what are those financial implications which are so feared
 
justabubba said:
those high income individuals and businesses, whose wealth is expanding in this down economy, are not hiring because of uncertainty you say
this (notso)great recession was not caused by a boom fueled by artificially low interest rates, greed and failure of public regulation in your view, only the uncertainty of government legislation, increasing taxes and healthcare legislation

let's look at the logic of your surmise
the recession was underway before the health care bill was even being pondered. and its financial impact on business has not yet been felt
taxes are lower than they have been in a half century, causing one to wonder why tax rates are of such heightened concern to businesses
and what federal regulation is on the horizon which would have significant financial implications for business ... and what are those financial implications which are so feared
Click to expand...

Banks are simply not lending money or taking risks like they were before the "crash". Businesses are keeping money in reserve and cutting back because of it. Simple as that. Increasing taxes will make businesses withdraw even further. You cannot deny that Obama and the Democrats are threatening either to let the current tax cuts expire and/or raise taxes. How is that going to inspire business to expand? Artifcially low interest rates were part of the problem that fueled the "crash" but what does that have to do current uncertainty? How will raising taxes make anything better?
 
I'm not sure if the numbers in the OP's article are accurate.

Since the mid 90's, the top 10% (incomes over $113k) have earned between 40 and 48% of all income in the US. At the same time, the top 25% (incomes over $66k) earned between 63 and 68% of all income in the US.

The Tax Foundation - Summary of Latest Federal Individual Income Tax Data

It doesn't seem possible that now the top 20% 1) is only those making over $100k, and 2) only earned 49% of all income.
 
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