Latest Threads
Latest
Greatest Threads
Greatest
Lobby
Lobby
Journals
Journals
Search
Search
Options
Options
Help
Help
Login
Login
Home » Discuss » Journals » hfojvt » Read entry Donate to DU
Advertise Liberally! The Liberal Blog Advertising Network
Advertise on more than 70 progressive blogs!
hfojvt's Journal
Posted by hfojvt in General Discussion (1/22-2007 thru 12/14/2010)
Sun Mar 14th 2010, 04:47 PM
so what else is new, eh?

But I have been going through some IRS stats from table 5 here http://www.irs.gov/taxstats/indtaxstats/ar...

Here is a summary.

In 1986, the top 1% had 11.299% of all income. In 2006, they had 22.062%. In order to be in the top 1% you need a household AGI of $388,806.

In 1986, the bottom 50% had 16.661% of all income. In 2006, they had 12.515%. In order to be in the bottom 50% you need a household income of less than $31,987. In 1986, that number was $15,786. But in 2006 dollars, that 1986 number is $31,823. Thus, in real terms, the bottom 50% has only gained $164 in twenty years. The lower income of the top 1% has gone from $218,543 to $388,806 - a gain of $170,263. Their average gain was no doubt much higher since their total income went from $524.48 billion in 1986 (in constant 2006 dollars) to $1,791.886 billion in 2006. It more than tripled, while total income for the bottom 50% went from $773.55 billion to $1,016 billion in 2006 - a gain of only 31%, which is even smaller if you consider that population grew by 22.2% between 1990 and 2007, and by 24.6% from 1980 to 2000. (at this point I cannot find population figures for 1986 and 2006.)

The tax side is quite astounding as well. In 1986, the top 1% paid an average tax rate of 33.13%. This fell to 26.4% in 1987 (thanks to the Gipper) and to a low of 23.246 by 1990. It climbed to 25.05% in 1992 and to 28.01 in 1993 and was over 27% until 2002 when it was 27.248%. Then it went to 24.31% to 23.49% to 23.13% and finally to 22.79% in 2006.

The revenue that could have been taken in if tax rates on the top 1% had stayed the same is a staggering $1.287 Trillion. But 43.8% of that comes from just the last 4 years 2003, 2004, 2005 and 2006, and probably continues into 2007, 2008, 2009 and 2010.

Of course, to the David Koch types (of Americans for Prosperity), those lower tax rates for the rich have created prosperity. The data, however, shows that the prosperity has been created mostly for the prosperous. As their share of the pie has gone from 11.3% to 22%. Which is why that organization really needs to be called "Americans for the Prosperous".
Discuss (39 comments) | Recommend (+54 votes)
Greatest Threads
The ten most recommended threads posted on the Democratic Underground Discussion Forums in the last 24 hours.
Visitor Tools
Use the tools below to keep track of updates to this Journal.
 
Home  |  Discussion Forums  |  Journals  |  Campaigns  |  Links  |  Store  |  Donate
About DU  |  Contact Us  |  Privacy Policy
Got a message for Democratic Underground? Click here to send us a message.