Rich richer, poor poorer under Bush

George W. Bush and post Katrina New Orleans, cartoon

From The Raw Story in the USA:

Income of 400 richest Americans doubled during Bush era

Jeremy Gantz

Published: Saturday January 31, 2009

The 21st century Gilded Age party really got going before the U.S. economy went bust.

It was a party disproportionately enjoyed by high-income Americans, the 400 wealthiest of which actually doubled their share of all U.S. income between 1996 and 2006, new statistics released by the Internal Revenue Service show.

And during the first six years of George W. Bush’s presidency, the average income of those 400 people actually doubled to $263.3 million, according to the data.

Between 2005 and 2006, those 400 Americans saw their income rise nearly 23 percent, and through the first six years of the Bush administration their average tax rate fall by a third, to 17.2 percent, Bloomberg reported.

That 17.2 percent tax rate was the lowest the group has paid on average since the IRS began keeping track of the country’s 400 biggest taxpayers in 1992, the agency’s data shows.

The big reduction — from 2001’s 22.9 percent tax rate for the group — was “due largely” to ex-President George W. Bush’s push to cut tax rates on most capital gains to 15 percent in 2003, Bloomberg reported. Bush administration tax cuts that benefit the wealthy will expire by 2011, unless extended or made permanent by Congress and the president.

See also here.

7 thoughts on “Rich richer, poor poorer under Bush

  1. Re: Confirm Rep. Hilda Solis as Department of Labor Secretary

    Posted by: “kenny_dyas1953”

    Sat Feb 7, 2009 8:00 pm (PST)

    What will interesting is whether or not Mitch McConnell, whose wife Elaine Chao, was Bush 43’s Labor Secretary, will vote to confirm Solis. Seems like Chao was very good at awarding 87% of $271M in Labor Dept funds to private firms via no-bid contracts in violation of agency procedures (source: Wikipedia).

    Here’s what the Wiki article also said: “Labor Secretary Elaine L. Chao began having some agency workers compete for their jobs in 2004, but since then few employees have actually lost their jobs and had their pay cut as a result of the privatizing effort, GAO found. Of the 314 federal workers who had a job change as a result of competitions with private firms, 263, or 84 percent, were either reassigned to positions with the same title and pay or were promoted. Of the 16 workers who were demoted, 14 kept their same professional grade or pay.

    Twenty-two employees were demoted or laid off, and all were African American.

    The Washington Post, “GAO: Labor Dept. Misled Congress

    What a real sweetheart to working peeple. She screwed over her own employees.

    bigraccoon wrote:
    > Confirm Rep. Hilda Solis as Department of Labor Secretary
    > If there was ever a time the nation needed a strong secretary of
    labor, this is it.–New York Times, 1/28/09


  2. What If AT&T Had Won the Presidential Election?

    How could a telephone company win a presidential election?

    By contributing the maximum to its candidate very early on—just like AT&T’s political action committee did with George W. Bush and John McCain. We all know the disastrous consequences of eight years of George W. Bush.

    Now why would AT&T want to back candidates like that? More importantly, why would you want to carry a phone that backs candidates like that?


  3. Pingback: Mothers’ deaths in childbirth rising in the USA | Dear Kitty. Some blog

  4. Pingback: Economist Thomas Piketty, inequality, and the Financial Times | Dear Kitty. Some blog

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