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Thu Nov 15, 2012, 12:13 PM

Wide and growing income gaps [View all]

A state by state analysis

http://www.cbpp.org/cms/index.cfm?fa=view&id=3860

I have to note though - they look at two income gaps

1. The gap between the lowest quintile (20% of the population) and the highest quintile
2. The gap between the lowest quintile and the top 5%

and
income over $101,582 puts you in the top 20%
income over $186,000 puts you in the top 5%

according to census measures here http://www.census.gov/hhes/www/income/data/historical/inequality/index.html

I also would note that policies like the payroll tax cut and the 73% Bush tax cut (Obama's plan to keep 73% (or more) of the Bush tax cuts) increase those gaps by giving more benefits to the top 20% than they do to the bottom 20%.

Under Obama's plan

the bottom 20% gets $14 billion in tax cuts
the top 20% gets $163 billion in tax cuts
the top 5% get $80 billion in tax cuts
the top 1% get $40 billion in tax cuts
the bottom 40% gets $42 billion in tax cuts


http://www.ctj.org/pdf/taxcompromise2010.pdf

Another $150 billion added to the wealth gap, but who's counting?

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hfojvt Nov 2012 OP
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