March 12: According to the latest available statistics from the Internal Revenue Service, the top 1 percent of Americans earned significantly more income in 2005 than the bottom 50 percent. In addition, the Congressional Budget Office (CBO) recently reported that the wealthiest 1 percent saw total income rise by $180,000 in 2005. That is more than the average middle-class family makes in three years. The CBO also found that the total share of after-tax income going to the top 1 percent hit the highest level on record, while the middle class and working families received the smallest share of after-tax income on record.
May 5: The gap between rich and poor in the United States has widened exponentially over the past three decades. The Congressional Budget Office reports that since 1979, the average income for the bottom half of American households has grown by 6 percent. In contrast, the top 1 percent of earners have seen their incomes shoot up by a 229 percent during that same period. Under the Bush administration, the average income of most Americans has fallen, but the average income of top wage earners (those above the 95 percentile range) has increased from $324,427 in 2001 to $385,805 in 2006. Only one other year has seen a comparable income gap: 1928, the year before the Great Depression.
October 21: Yet seven years into this economic cycle, most middle-class American households (aka, the WHINERS... Ed.) have less inflation-adjusted income than they had when it started...
The exception in compensation gains was for the top 1 percent of earners, who have considerably widened the pay gap between themselves and other workers. (YAY! Ed.)
So it's not the concept of redistributing wealth that Republicans have a problem with. They're just concerned that it keeps getting redistributed in the right direction.
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