Wednesday, April 27, 2005

You Are Getting Screwed

The incomes of the super rich in America have tripled in the past couple of decades and at the same time their tax rates have decreased by 9 percentage points.

Meantime, the middle class, whose income has not risen substantially in three decades, saw their taxes go up 1 percentage point.

Kevin Drum has the details.

I read somewhere recently that 60% of Americans believe that they will one day be upper middle class. So completely absurd and delusional. The top 20% of taxpayers hold 60% of all income. Its totally stupid to think that you will ever get a piece of that pie. Just ain't gonna happen. But the delusion that you will someday be rich is why the Republicans can continue to pass legislation like the Paris Hilton tax cut (estate tax elimination) and the horrid bankruptcy bill.


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