Is It a Crisis
Recent conversations with some liberals I know included the popular lament that the rich are getting richer and the poor are getting poorer. While there is a debate over what is really “poor” in the United States, they point at the average annual income by the top 5% of earners vs. the bottom 1, 5 or 50% it varies from report to report. Yes, there is a growth in that divide using those measures and I’m not debating that point. Frequently ignored (as previously referenced) is the growth in wealth that this country has experienced as a whole. But what is overlooked is what is the growth as a ratio of the share of income to the share of the total federal tax bill. With the most recent data (2004) that I found and using the top 5% earners as what appears to be a common point of reference, the top 5% has 33% of the annual federal income and pays 57% of the federal tax bill. This ratio has grown in recent times. You will note that the bottom 50% of earners in the United States have 13% of the income but pay just 3% of the federal tax bill. So take a grain of salt with you when you read about the pending crisis of the wealth divide and maybe start thinking about other ways to address it rather than a penalizing tax system.
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