The gap between the wealthiest Americans and middle- and working-class Americans has more than tripled in the past three decades, according to a June 25 report by the Center on Budget and Policy Priorities.
New data show that the gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest parts of the population in 2007 was the highest it’s been in 80 years, while the share of income going to the middle one-fifth of Americans shrank to its lowest level ever.
The CBPP report attributes the widening of this gap partly to Bush Administration tax cuts, which primarily benefited the wealthy. Of the $1.7 trillion in tax cuts taxpayers received through 2008, high-income households received by far the largest — not only in amount but also as a percentage of income — which shifted the concentration of after-tax income toward the top of the spectrum.
When Republicans talk about talk about cutting taxes, they don’t mean your taxes, they mean their taxes. The richest 1% and the corporations that hire them at huge salaries after they leave office. And since it’s a zero-sum game, that money has to be made up for somewhere else, and it’s going to be programs that you as a non-top-1-percenter are going to use. Such as, for instance, the current push to reform (cut) Social Security in the wake of hundreds of billions of dollars in bailouts to the richest people in America.
Rich people crash the economy and still get their bonus checks, then go to loot Social Security.