the concentration of wealth; the myth of the rich american
WAKE UP!!!!!!!!!
i have little commentary today, other than to direct your attention to the following article, posted on msn money:
"According to the most recent (2003) IRS statistics on tax returns, households needed at least $295,495 to be in the top 1%, $130,080 to be in the top 5%, $94,891 to be in the top 10% and $57,343 to enter the top 25%. Yes, you read that right. If your household income is over $57,343, you're well toward the front of the line when the checks are handed out. If your income is below $29,019, you sink into the bottom 50%....
In the 10 years from 1993 to 2003, income has continued to concentrate. While the bottom 50% of earners had 14.92% of income in '93, they had 13.99% in '03. Similarly, the top 25% have enjoyed an increased share of total income, rising from 62.45% in '93 to 64.86% in '03. This is pretty much what you'd expect over a period of rapid change. Those with leverage increase their incomes. Those without leverage don't."
http://moneycentral.msn.com/content/SavingandDebt/P134742.asp?GT1=7392
i have little commentary today, other than to direct your attention to the following article, posted on msn money:
"According to the most recent (2003) IRS statistics on tax returns, households needed at least $295,495 to be in the top 1%, $130,080 to be in the top 5%, $94,891 to be in the top 10% and $57,343 to enter the top 25%. Yes, you read that right. If your household income is over $57,343, you're well toward the front of the line when the checks are handed out. If your income is below $29,019, you sink into the bottom 50%....
In the 10 years from 1993 to 2003, income has continued to concentrate. While the bottom 50% of earners had 14.92% of income in '93, they had 13.99% in '03. Similarly, the top 25% have enjoyed an increased share of total income, rising from 62.45% in '93 to 64.86% in '03. This is pretty much what you'd expect over a period of rapid change. Those with leverage increase their incomes. Those without leverage don't."
http://moneycentral.msn.com/content/SavingandDebt/P134742.asp?GT1=7392
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