Sorting out the impact of GOP tax-reform plans

In recent weeks we’ve been confronted by a slew of tax proposals from GOP presidential candidates, ranging from Herman Cain’s “9-9-9″ plan to Rick Perry’s “Cut, Balance and Grow Plan.” For many voters, the details of those various proposals can no doubt get a little hazy and confusing.

To address that problem, I’ve been wanting to put together a comprehensive post addressing all of the plans at once. Thanks to the release of Rick Perry’s plan and a new report on household incomes released Tuesday by the Congressional Budget Office, I finally have the analytical data I needed to pull it all together.

Before we go further, let’s review the CBO findings:

1.) The overall federal tax system became less progressive between 1979 and 2007, thanks largely to the greater relative impact of payroll taxes.

2.) The share of federal transfer payments going to poor Americans also fell sharply, from more than 50 percent to 35 percent. According to CBO, “that shift reflects the growth in spending for programs focused on the elderly population (such as Social Security and Medicare), in which benefits are not limited to low-income households.”

3. The study also documents the ongoing concentration of national income among the richest 1 percent of U.S. households. It found that the share of after-tax income going to the lowest-income 20 percent of Americans fell between 1979 and 2007, dropping from 7 percent to 5 percent. In fact, income share fell by 2 to 3 percent for almost every income group. It rose only among the most affluent 1 percent. Their share of national income more than doubled, from 8 percent in 1979 to 17 percent in 2007.

(Although those percentage shifts may not sound like much, in real terms it is quite large. For example, the 7 percent shift in household income from the middle 60 percent of Americans to the richest 1 percent represents a shift of $539 billion a year from the 60 percent to the 1 percent. Overall, the CBO reports that income of the highest-earning 1 percent rose by 275 percent in that time frame, after inflation.)

Anyway, as promised the final exhaustive package on GOP tax-reform plans is available HERE. I’ve put it in the form of an info-graphic. Take a look and if you think I’m missing anything, or if you think of a way to make it clearer, let me know.

– Jay Bookman

609 comments Add your comment

getalife

October 26th, 2011
10:58 am

Tax cuts for the 1 % while exploding the deficit again.

gop politics as usual.

That will never change.

Peadawg

October 26th, 2011
11:00 am

That graph is pretty funny, Jay. Nice write-in with the marker. :lol:

Mick

October 26th, 2011
11:02 am

Right in your face – very effective but the blinded will howl…

Armed Liberal

October 26th, 2011
11:03 am

This is, of course, all Obama’s fault.

USinUK

October 26th, 2011
11:03 am

Bosch – from downstairs – that reminds me of the scene from The Talented Mr. Ripley when he’s listening to My Funny Valentine and saying “is that a man or a woman?”

Butch Cassidy

October 26th, 2011
11:05 am

But Jay, if we don’t give them more money, how will they be able to come up with the capital needed to create jobs?

Thomas

October 26th, 2011
11:05 am

Data/charts/scratch and sniff/paint by numbers- they all point to raise money from friends and family, borrow money from the SBA or otherwise, and go start a business. When you make unusual amount of monetary profits simply pay more in tax and hire a lot of folks.

It really is that easy. Don’t be afraid.

Libertarian

October 26th, 2011
11:06 am

There is one thing missing from your graphic. The word “give” is misleading. By letting someone keep more of their money you are not “giving” them anything. I think what you want is for the top 1% to “give” more money to the bottom half.

Chuck Doberman

October 26th, 2011
11:07 am

So what!!?? Things are proceeding as planned way back in the Reagan days and launched with his “trickle down” (roflmao) economic policy. This is progress! Now all we have to do is vote in another republican president (take your pick – they all offer more of the same policies and practices that put us in this cesspoll of an economy anyway) and keep the ball rollin’! Heck, these primary candidates are set and ready to ACCELERATE the process. It won’t take long after that, the middle class is already on it’s last legs and can’t endure much more so this is the time to strike! Eff the middle class and the poor, we don’t need ‘em!

Butch Cassidy

October 26th, 2011
11:08 am

Libertarian – “By letting someone keep more of their money you are not “giving” them anything.”

I stand corrected – But Jay, if we don’t let them keep more money, how will they be able to come up with the capital needed to create jobs?

Thanks Libertarian! :)

Granny Godzilla

October 26th, 2011
11:10 am

How appropriate that your note appears to be written in blood….

USinUK

October 26th, 2011
11:10 am

from 2 floors down:
speaking of how trickle down just doesn’t work:

The nonpartisan agency said in a report that after-tax income on average grew by 62% during the 30-year period. But that growth wasn’t even. The wealthiest 1% of Americans saw their incomes skyrocket by 275% during that stretch, while after-tax income for the one-fifth of households with the lowest income grew by just 18% from 1979 to 2007.

oh, and those “47%ers who take take take”???

The poorest 20% of the population received more than 50% of government transfers in 1979, but that had fallen to around 35% by 2007, the CBO said. This was largely because of the rise of spending focused on the programs benefiting the elderly such as Social Security and unemployment compensation that aren’t limited to low-income households.

http://blogs.wsj.com/economics/2011/10/25/income-growth-of-top-1-over-30-years-outpaced-rest-of-u-s/?mod=e2tw

Jm

October 26th, 2011
11:11 am

Jay :) nice

The only flaw I’d say is it’s not a 0 sum game

How about we just dial back loopholes and reduce entitlements for the wealthiest rather than raising rates?

Stonethrower

October 26th, 2011
11:13 am

You really think the 1% care about what we think? That’s why they make gated communities. Keeps them away from us lazy common working folks.

Peadawg

October 26th, 2011
11:13 am

“speaking of how trickle down just doesn’t work:”

Whenever I see the words “trickle down” I think of Stiffler in ‘American Pie’.

(Hopefully someone here knows the scene I’m talking about)

Butch Cassidy

October 26th, 2011
11:13 am

Jm – “How about we just dial back loopholes and reduce entitlements for the wealthiest rather than raising rates?”

Aaaaannddd….Come on, say it with me. Allow the Bush tax cuts to expire across the board for EVERYBODY.

Jm

October 26th, 2011
11:14 am

There is real corporate welfare out there. Direct subsidies and full tax breaks. Those should be the first to stop. Agricultural, but it will include some dear loves of the left including solar power.

Chuck Doberman

October 26th, 2011
11:14 am

“(Hopefully someone here knows the scene I’m talking about)”

I know the scene of which you speak, and it’s an excellent representation of “trickle down”

St Simons - we're on Island time

October 26th, 2011
11:16 am

you don’t get this quality of analysis in other newspapers

keep swingin the hammer

and don’t underestimate the People, they’re not stupid
just temporarily hoodwinked by the cons
and that’s mighty shifty sand the cons built their house on
to use a local phrase
it’s all gonna flip soon, and they know it, you can hear it in the pitch of their screeching

Jm

October 26th, 2011
11:16 am

Stonerhrower. Jobs lived in a regular ole neighborhood and most others do too

Butch – I said that long ago if nothing else can happen, that has to

However, we’ll still be back in big deficit land soon enough due to entitlement growth

Bosch

October 26th, 2011
11:17 am

Dammit, Jay Bookman, I took a swig of Coke right before clicking that link — Coke through the nose is no fun man!

But damn, that was just too funny!

Mighty Righty

October 26th, 2011
11:18 am

Off topic but too, too delicious to pass up. Those of you on the wacky left will find this reasonable but the rest of us normal people will see the humor. PETA, one of the lefts favorite organizations is filing a lawsuit claiming whales arre having their constitutional rights, under the thirteenth admendment violated, They claim the whales at Sea World in San Diego are slaves in violation of the thirteenth admendment prohibiting slavery. Seriously, can anyone believe the looney’s on the left are playing with a full deck?

Bosch

October 26th, 2011
11:18 am

USinUK @ 11:03

:)

ragnar danneskjold

October 26th, 2011
11:18 am

Good morning all. While I still think the Fair Tax is the best alternative to the current system (i.e., least destructive of the economy), any of the alternatives floated so far – by Huntsman, Gingrich, Cain, Perry – would be likely to stimulate the economy without the negative effects of Keynesian spending schemes. Credit Perry with magnifying the importance of reining in wasteful Federal spending (I acknowledge those adjectives are redundant), not just eliminating adverse tax effects.

Butch Cassidy

October 26th, 2011
11:19 am

Jm – “Butch – I said that long ago if nothing else can happen, that has to”

You probably did, but it tends to get drowned out by the screams of “wealth envy” and “stop punishing the successful people” mantra that tends to permeate Jays blog.

Stonethrower

October 26th, 2011
11:20 am

Jm

So you’re saying we all can be Jobs? He was the exception and not the rule. Everyone can’t be the hero. Somone has to stand on the side and cheer when the parade goes by.

getalife

October 26th, 2011
11:21 am

At what point will you cons oppose helping the 1 %?

Butch Cassidy

October 26th, 2011
11:21 am

Mighty Righty – “Seriously, can anyone believe the looney’s on the left are playing with a full deck?”:

LOL, I just tend to counter it with statements from Herman Cain advocating the raising of children by women who got pregnant through rape or incest. Good times!

Bosch

October 26th, 2011
11:21 am

Yeah, PETA, we all just love those loons. :roll:

Thomas

October 26th, 2011
11:22 am

theintelligentdesigner

October 26th, 2011
11:22 am

Nice piece. You might, for the sake of simplicity and overkill, to put up the decrease in tax rates for those same “Americans.” Which is it Cons? Best country in the world or worst?

USinUK

October 26th, 2011
11:22 am

jm – 11:14 – TESTIFY

(heck, elimimate all deductions, while we’re at it!)

Jm

October 26th, 2011
11:23 am

Stonerhrower
Money will not make one happy

Keep Up the Good Fight!

October 26th, 2011
11:24 am

What? Corporations are people but whales can’t be people? Corporations have rights but not whales? Frankly until Mighty Righty has read the briefs, the pleadings, and the case law….he just spouting ignorance.

Butch Cassidy

October 26th, 2011
11:24 am

Jm – “Money will not make one happy”

Then why does the 1% need so much of it? ;)

godless heathen

October 26th, 2011
11:24 am

But, but, but, the graph shows that real after tax income for “all incomes” has risen during the period from 1979 to 2007. And just eye-balling it it appears to have risen by more than about 30% for the middle groups.

Aren’t we continually being told that Americans, except for the uber rich are getting poorer and poorer.

BlahBlahBlah

October 26th, 2011
11:26 am

Cain’s plan stinks. Perry’s plan stinks. Obama’s plan stinks. The current tax code stinks.

getalife

October 26th, 2011
11:26 am

If the 1 % is making more money than ever and are buying corrupt pols for fun, at what point do you cons say enough?

Butch Cassidy

October 26th, 2011
11:27 am

godless heathen – “Aren’t we continually being told that Americans, except for the uber rich are getting poorer and poorer.”

No one is telling us that. It’s painfully obvious based on the number of homeless, depletion of food banks, reduced giving to charity, upside down mortgages, deserted half built construction projects and pretty much any forclosure report you can get your hands on. But no, no ones “telling” us that people are getting poorer.

Aquagirl

October 26th, 2011
11:28 am

Another awesome chart by Jay. The only thing he left out is “work harder, faster, you lazy peasants!”

Jm

October 26th, 2011
11:28 am

Usinuk. I think the mortgage deduction should be capped for loan amounts above $100k

I do think the charitable deduction should stay though

Health insurance should be taxed. But child tax credits slightly increased

I’d flatten and reduce the rates if enough reform can happen…. But the arterial sclerosis appears to have set in

Guy Incognito

October 26th, 2011
11:28 am

“Peadawg

October 26th, 2011
10:57 am

First bitches, and………
Peadawg

October 26th, 2011
11:13 am
“speaking of how trickle down just doesn’t work:”

Whenever I see the words “trickle down” I think of Stiffler in ‘American Pie’.

(Hopefully someone here knows the scene I’m talking about)”

Pea is on a roll. You’re crackin me up

Armed Liberal

October 26th, 2011
11:29 am

Take a look at the last 10 years on this chart: Thanks GOP

If that doesn’t tick you off, you’re not listening.

getalife

October 26th, 2011
11:29 am

Are we even getting closer to you cons saying the 1 % does not need any help?

ty webb

October 26th, 2011
11:30 am

Only in Bookmanland is letting people keep more of their money, the same as “giving it to them”…good grief!

Butch Cassidy

October 26th, 2011
11:30 am

Aquagirl – “The only thing he left out is “work harder, faster, you lazy peasants!”

I think Jay is ethically prohibited from stealing Herman Cains lines. :)

AmVet

October 26th, 2011
11:31 am

Aren’t we continually being told that Americans, except for the uber rich are getting poorer and poorer.

But some have their fingers in their ears:

NEW YORK (CNNMoney) — It’s official. The first decade of the 21st century will go down in the history books as a step back for the American middle class.

Last week, the government made gloomy headlines when it released the latest census report showing the poverty rate rose to a 17-year high. A whopping 46.2 million people (or 15.1% of the U.S. population) live in poverty and 49.9 million live without health insurance.

But the data also gave the first glimpse of what happened to middle-class incomes in the first decade of the millennium. While the earnings of middle-income Americans have barely budged since the mid 1970s, the new data showed that from 2000 to 2010, they actually regressed.

For American households in the middle of the pay scale, income fell to $49,445 last year, when adjusted for inflation, a level not seen since 1996.

And over the 10-year period, their income is DOWN 7%.

http://i2.cdn.turner.com/money/2011/09/21/news/economy/middle_class_income/chart-income.top.jpg

You professional deniers and apologists desperately need an intervention…

carlosgvv

October 26th, 2011
11:31 am

Many people shy away from studying tax reform plans, believing they are just too complicated to understand. Fortunately, the GOP presidential candidates have made it simple for us. They will all, in one way or another, tax the rich less and tax the middle class and poor more. See, that’s easy to understand. And, since the Republicans are totally owned by the rich, who furnish all their election and re-election funds, it’s easy to see why they will take care of their rich patrons in any and every way they can and only pretend to care anything about the middle class and poor.

Joe COOL

October 26th, 2011
11:31 am

Mighty Righty

October 26th, 2011
11:31 am

How many years have the Democrats controlled the House which writes the tax laws and apprpriates spending in the last say 20 years? And those evil rich people on Social Security and Medicare are causing the poor to be poorer? Further, people who do not pay a dime in income taxes are conributing to their own retirement and benefits via payroll deductions and this is a bad thing? Come on Jay. Forget the Democrat talking points designed to deflect attention from our miserable economy.

Butch Cassidy

October 26th, 2011
11:31 am

ty webb – “Only in Bookmanland is letting people keep more of their money, the same as “giving it to them”…good grief!”

It’s only fair, since in GOP land only 53% of the population pays taxes. good grief!

Guy Incognito

October 26th, 2011
11:32 am

GG

So your Boston Fern is occupying your victrola?

How timely

Bosch,

Back to Smash P….in your opinion, which is the better album, Gish or Siamese Dream?

The current tax system is a failure. It needs to be simplified. The reason that some of the R candidates are getting traction with their trial baloons, is that the people want a new plan

Joe COOL

October 26th, 2011
11:33 am

Mighty Righty

October 26th, 2011
11:35 am

Butch Cassidy

October 26th, 2011
11:21 am

Must be a lefty idea. I have never heaqrd anone on my side, including Herman Cain, say that.

Bosch

October 26th, 2011
11:35 am

Guy,

I like them both about the same, and I think they are both lots better than Mellon Collie –

Don't Tread

October 26th, 2011
11:36 am

As long as you’re modifying the graph, how about a nice red hammer and sickle icon?

Mighty Righty

October 26th, 2011
11:37 am

It’s only fair, since in IRS land only 53% of the population pays taxes. good grief!

Bosch

October 26th, 2011
11:38 am

I wonder how the wealth disparity today mirrors that of Pre-Revolutionary France? That would be an interesting analysis.

USinUK

October 26th, 2011
11:38 am

Jm – health insurance is a taxed benefit here – but that is because we have the NHS

I am happy to compromise on the mortgage to >$100K (although the housing market works just fine here without any mortgage deduction)

no deductions for offspring, though!

Butch Cassidy

October 26th, 2011
11:39 am

Mighty Righty – “Must be a lefty idea. I have never heaqrd anone on my side, including Herman Cain, say that.”

True, it was lost in his incoherent rant about a womans right to choose as long as she didn’t break the law prohibiting abortions. Which, by the way, Herman Cain wants to make a reality should he become POTUS. Oh yeah, and for reference you can watch him do it on Piers Morgan.

AmVet

October 26th, 2011
11:40 am

Joe COOL, and the permanently servile Reaganistas STILL think it’s all a big joke!

So heathen, no response to my 11:31?

Righty?

71?

Corporal?

Surely (and don’t call me Shirley) you fiscal conservatives have data to disprove that information, correct?

(Sound of an almost pin drop here)

Guy Incognito

October 26th, 2011
11:41 am

Bosch

I prefer the raw sound of Gish, but still really enjoy SD. Mellon Collie disappointed me as well, just like Tiny Music (Stone Temple Pilots) did after Purple and Core

A tax form that can fit onto a 5×7 card may be goofy, but it’s the simplicity that is appealing

Butch Cassidy

October 26th, 2011
11:42 am

Mighty Righty – “It’s only fair, since in IRS land only 53% of the population pays taxes. good grief!”

Yeah, damn those millionaires and their loopholes, and don’t even get me started on Sr. Citizens and their Social Security Ponzi scheme! I apologize Mighty, all this time I thought you were a waterboy for the GOP. I stand corrected.

Guy Incognito

October 26th, 2011
11:42 am

Bosch

October 26th, 2011
11:38 am
I wonder how the wealth disparity today mirrors that of Pre-Revolutionary France? That would be an interesting analysis.

As much as I dispise wealth envy, this thought has occured to me as well over the last couple of years

Mighty Righty

October 26th, 2011
11:45 am

Butch-I saw his disjointed comment which didn’t make any sense at all. But he did not say what you claim he said.

Adam

October 26th, 2011
11:45 am

Mighty Righty: And those evil rich people

Why do you think the rich are evil, MR?

real john

October 26th, 2011
11:46 am

And where is Obama’s tax plan??? Oh, yeah, let’s tax those evil rich

Second; Bookman, why no investigating on the spending side? Since Obama and the Dems have exploded spending, I haven’t seen one article from you on cutting spending.

As I have said before, tax the h*** out of the wealthy. Let the EPA and your environmental and green buddies keep coming out with regulation after regulation. Let’s just see how the economy does then….trust me, it won’t be pretty.

You may hate the wealthy and corporations; thats fine. However the idea the increasing taxes and putting more regulations on business will some how help the economy is crazy…The Dems REFUSE to look at the REAL problem….SPENDING.

godless heathen

October 26th, 2011
11:46 am

“So heathen, no response to my 11:31?”

Not reflected Jay’s chart.

Bosch

October 26th, 2011
11:46 am

Guy,

Get the pitchforks and let’s storm the castle!! :)

I think wealth envy is a conservative myth — something you guys like to think we think, but really no one does.

And….I agree with the Pumpkins analysis — I will add that their last album Zeitgeist blew chunks except for the wonderful guitar rift in the song Tarantula….well done.

Adam

October 26th, 2011
11:47 am

Conservatives are the only ones on this blog who call the rich “evil.”

Proof is in the Google:

http://www.google.com/search?q=site%3Ablogs.ajc.com+“evil+rich”

My personal favorite:

http://blogs.ajc.com/jay-bookman-blog/2011/10/01/aclu-doing-its-job-condemns-targeting-of-us-citizen/?cp=9#comment-740480

godless heathen

October 26th, 2011
11:47 am

in Jay’s chart, i meant to say.

stands for decibels

October 26th, 2011
11:48 am

And just eye-balling it it appears to have risen by more than about 30% for the middle groups.

See also.

Bosch

October 26th, 2011
11:49 am

“The Dems REFUSE to look at the REAL problem….SPENDING”

Actually john, spending isn’t the real problem considering our economy is consumer driven — it makes me wince when I read people writing that. Spending is all we have in this country.

The real problem is that we don’t make anything anymore, and only 1% of the people in this country have real money to spend.

People forget that government spending keeps lots of people employed and not just govt. workers. Call me a communist, whatever, but facts are facts.

Adam

October 26th, 2011
11:49 am

Also, I love how a conversation that starts with “The rich have gotten a lot of tax breaks, maybe we shouldn’t give them MORE tax breaks” turns into the conservative view of the whole thing that says “The liberals think those rich people need to be taxed into OBLIVION!!!”

How about “No New Tax Cuts.” Can we agree to that, then talk about how to close gaps?

Mighty Righty

October 26th, 2011
11:49 am

AmVet-I didn’t see anything to argue about. The facts are the facts. I am sure we can disagree with the cause.

USMC

October 26th, 2011
11:51 am

“Sorting out the impact of GOP tax-reform plans”–Jay

You mean to tell us that the current Tax Code is OKAY???

The Wealth envy displayed by Jay Bookman and minions is disgusting.

Go get a job and EARN your own money, people. You can do it!
Keep your greasy meat hooks out of other peoples’ pockets!

By the way, has anyone bailed Jay out of jail, yet???
I heard that the comrades at Occupy Atlanta were arrested last night. :-)

Bosch

October 26th, 2011
11:51 am

john,

And I will add to my Communist Manifesto above that the other problem is that the 99% of the minion peasants who don’t have any money supplement their income and their purchasing power with credit cards and other forms of cheap credit.

It’s like a magical illusion that people have money now. If we actually spent what we made, our economy would collapse in a matter of days.

Jim163

October 26th, 2011
11:51 am

From CNNMoney article…

“Well, there were just under 1.4 million households that qualified for entry. They earned nearly 17% of the nation’s income and paid roughly 37% of its income tax.”

Yeah, that seems fair….

Adam

October 26th, 2011
11:52 am

Better link to empirical evidence of conservatives spouting the “evil rich” line

http://www.google.com/search?q=site%3Ablogs.ajc.com+“evil+rich”

Mighty Righty

October 26th, 2011
11:54 am

Adam-I am not in favor of cutting taxes. I am in favor of cutting regulations. I am in favor of cutting spending. I am infavor of cutting government employees.

Bosch

October 26th, 2011
11:54 am

Jim163,

It’s not a matter of “fair” it’s a matter of practicality. The top 1% were given the opportunity through our economic systems put in place to gather all that wealth. How is that “fair” to the other 99%?

Bosch

October 26th, 2011
11:55 am

“I am infavor of cutting government employees”

So, they can collect unemployment, food stamps, and lose their homes???

Joe COOL

October 26th, 2011
11:56 am

real john

October 26th, 2011
11:46 am
Are you a real “john”?
lol

ty webb

October 26th, 2011
11:57 am

“The top 1% were given the opportunity through our economic systems put in place to gather all that wealth. How is that “fair” to the other 99%?”

no, I take it back…this one’s more worthy of a “good grief !”

Bosch

October 26th, 2011
11:57 am

Hey Adam! That’s pretty funny! 961 examples of wingnuts calling rich people evil! They love them, they hate them, it’s so confusing!!

Poor Boy From Alabama

October 26th, 2011
11:57 am

JB,

You left out the critical question – Why have incomes for the Top 1% outstripped those for everybody else? Here’s what the CBO said in that same report:

http://cboblog.cbo.gov/?p=2909

“The precise reasons for the rapid growth in income at the top are not well understood, though researchers have offered several potential rationales, including technical innovations that have changed the labor market for superstars (such as actors, athletes, and musicians), changes in the governance and structure of executive compensation, increases in firms’ size and complexity, and the increasing scale of financial-sector activities.”

This probably helps explain why the Occupy Wall Street folks can’t seem to come up solid policy suggestions. The same is true for many of their older supporters.

godless heathen

October 26th, 2011
11:57 am

Why are all the categories in Jay’s chart quintiles (20%) except for one, that being the last one, the 1%. Could it be that this chart is designed to inflame the passions of the math impaired?

How would the chart look if it were divided into 5 equal bars?

And if you took the dollars involved to get the top 1% their 300% increase and distributed those dollars across the other five categories, would they make a noticeable difference in the height of the columns? Or does that even matter, as long as the last column isn’t so high?

Aquagirl

October 26th, 2011
11:58 am

I saw his disjointed comment which didn’t make any sense at all. But he did not say what you claim he said.

If you didn’t understand it, why are you claiming to know what Cain did/didn’t say?

Also, if a candidate barfs up a verbal Rorschach blot, the listener is entitled to their own interpretation.

Bosch

October 26th, 2011
11:58 am

Why ty?

Care to explain just how that is? The 1% of the people who own the wealth in this country did not get it simply because they worked harder than anyone else.

Jim163

October 26th, 2011
11:58 am

Bosch,

Everyone has the same opportunity in our system. JM has already forwarded the example of Apple starting in a Garage. Same with EBAY and MicroSoft.

USinUK

October 26th, 2011
12:00 pm

USMC – 11:51 – “The nonpartisan agency said in a report that after-tax income on average grew by 62% during the 30-year period. But that growth wasn’t even. The wealthiest 1% of Americans saw their incomes skyrocket by 275% during that stretch, while after-tax income for the one-fifth of households with the lowest income grew by just 18% from 1979 to 2007″

right. those wealthiest 1% really worked hard to earn that 275% increase in income – the rest of us have been slacking it for the last 30 years.

you just stay on your knees, USMC – I’m sure your corporate overlords love you for your capitulance

Bosch

October 26th, 2011
12:01 pm

Jim163,

That’s bs. Everyone has the same opportunity, but not the same resources, or talents. That is the lamest excuse anyone can give. It shows a person’s complete lack of dishonesty.

Bosch

October 26th, 2011
12:01 pm

make that lack of honesty.

Jim163

October 26th, 2011
12:02 pm

Enter your comments here

Jim163

October 26th, 2011
12:03 pm

Bosch..Ok I take that back…People without a garage are at a disadvantage.

Butch Cassidy

October 26th, 2011
12:04 pm

Bosch – “Care to explain just how that is? The 1% of the people who own the wealth in this country did not get it simply because they worked harder than anyone else.”

Oh but they did Bosch, haven’t you heard? They work 500 times harder than the average citizen. They have to, because apparently they are 500 times smarter than the average citizen as well.

Welcome to the occupation (Trotsky)

October 26th, 2011
12:08 pm

News Flash!

Enter the next stage in the right’s frantic attempt to smear OWS.

It’s about the antisemitism, you see? Yeah, that’s it.

All they needed was their cue from Bill Kristol, and presto! they had their marching orders. Gingrich is already faithfully singing the tune.

Cons are sweating all right. They know they have a real movement on their hands.

Aquagirl

October 26th, 2011
12:10 pm

Everyone has the same opportunity in our system. JM has already forwarded the example of Apple starting in a Garage. Same with EBAY and MicroSoft.

All those founders worked very hard, but to a certain extent you have to be at the right place at the right time. The internet was kick-started by the government (no, not Al Gore) and without that, none of those businesses would be as successful as they are today.

They also are extremely huge and profitable by minimizing competition. Bill Gates has shelled out money for anti-trust violations, and Microsoft is notorious for aggressively stomping out competition. The rich get bigger and richer at the expense of the small businesses and workers, who can’t even get a foothold against a conglomerate.

USMC

October 26th, 2011
12:12 pm

“you just stay on your knees, USMC – I’m sure your corporate overlords love you for your capitulance”–UsinUk

My “corporate overlords”??? (wildly intoxicated with socialist propaganda)

Uh…I think USinUK had too much coffee…ok… tea this morning.

How about we implement the FLAT tax or FAIR Tax system, UsinK??
(what will your Bolshevik “overlords say about that??) :-)

RB from Gwinnett

October 26th, 2011
12:12 pm

Why would anybody with any sense at all waste their time going to look at Bookman’s assesment of Republican tax plans? You know it’s going to tell a one sided story through the lens of a socialist without even looking.

Want a simple answer to what has happened here since 1979, Jay? Put together a cute little chart of WORK ETHIC changes since 1979. Until the bottom 20% starts getting up every morning, showing up for work, doing a good job, provides quality goods and service, they will continue to get left behind in ANY ECONOMY ON THE PLANET.

What percentage of Americans paid no taxes in 1979, Jay? You keep claiming the tax % of GDP hasn’t changed, but who’s paying it? Half pay, half whine about them not paying enough. That won’t end well….