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Rich Get Richer, Poor Get Poorer
In 1990, the richest 1% of the people have almost as much in after-tax income as the poorest 40%. To put it another way, 2.5 million rich people each take home 36 times as much as each 100 million poor. In 1980 it was 19 times as much.
The Center on Budget and Policy Priorities released a report on July 23rd with these figures, basing its results on data prepared by the Congressional Budget Office.
The report found that "income gaps increased substantially during the 1980s, as wealthy Americans reaped large income gains, the incomes of the middle class stagnated and poor households fell further behind."
It is not that before 1980 the U.S. distributed wealth equally. Far from it. But the Reagan and Bush administration cut taxes for the rich, raised taxes on the workers and cut social services for the poor. The number of homeless sleeping on park benches or in doorways, the hungry lining up at churches for a free meal, make it obvious that capitalism has failed the poorest portion of the population. Bush's proposed cut in the capital gains tax would once again boost the rich and squeeze the poor.
From: Workers World
The Center on Budget and Policy Priorities released a report on July 23rd with these figures, basing its results on data prepared by the Congressional Budget Office.
The report found that "income gaps increased substantially during the 1980s, as wealthy Americans reaped large income gains, the incomes of the middle class stagnated and poor households fell further behind."
It is not that before 1980 the U.S. distributed wealth equally. Far from it. But the Reagan and Bush administration cut taxes for the rich, raised taxes on the workers and cut social services for the poor. The number of homeless sleeping on park benches or in doorways, the hungry lining up at churches for a free meal, make it obvious that capitalism has failed the poorest portion of the population. Bush's proposed cut in the capital gains tax would once again boost the rich and squeeze the poor.
From: Workers World
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