Tuesday, August 21, 2007

It's The Internet's Fault

"The White House said the fact that average incomes were smaller five years after the Internet bubble burst 'should not surprise anyone.'" NYTimes (08.21.07):
"Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows.

While incomes have been on the rise since 2002, the average income in 2005 was $55,238, still nearly 1 percent less than the $55,714 in 2000, after adjusting for inflation, analysis of new tax statistics show."

2005 Incomes, on Average, Still Below 2000 Peak

Not everyone's income declined, however. The overall average would have been worse had it not been for the rich guys. "The growth in total incomes was concentrated among those making more than $1 million. The number of such taxpayers grew by more than 26 percent, to 303,817 in 2005, from 239,685 in 2000."

"These individuals, who constitute less than a quarter of 1 percent of all taxpayers, reaped almost 47 percent of the total income gains in 2005, compared with 2000."

Thank god for the tax cuts. "People with incomes of more than a million dollars also received 62 percent of the savings from the reduced tax rates on long-term capital gains and dividends that President Bush signed into law in 2003, according to a separate analysis by [the commie, pinko, socialist] Citizens for Tax Justice, a group that points out policies that it says favor the rich."

"The group’s calculations showed that 28 percent of the investment tax cut savings went to just 11,433 of the 134 million taxpayers, those who made $10 million or more, saving them almost $1.9 million each. Over all, this small number of wealthy Americans saved $21.7 billion in taxes on their investment income as a result of the tax-cut law."

Nice, eh? Plus there was something in it for everybody! "The nearly 90 percent of Americans who make less than $100,000 a year saved on average $318 each on their investments. They collected 5.3 percent of the total savings from reduced tax rates on investment income."

"[White House spokesman Tony Fratto] said the fact that nearly all of the growth in incomes was among those in the upper reaches of the income ladder and that the majority of investment tax breaks went to those making more than $1 million 'is not a very interesting story.'"

So quit yer damned bitching, will ya?



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