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Obama’s ‘change’: 1% get 81% income gains then tax-shelter $21-$32 trillion; bottom 90% lose income

from Washington’s Blog:

Pulitzer Prize-winning tax journalist David Kay Johnston reports IRS tax data since Mr. Obama’s 2009 inauguration shows “change” for 90% of Americans: they lost income. The 1% increased income; taking 81% of gains (the top 1% of the 1% took 39% of this total).

This follows a pattern that between 1980 and 2005, the 1% also took over 80% of all income gains.

Since 1966, inflation-adjusted annual income for the bottom 90% of Americans increased just $59, while the 1% increased income average by $625,000, and the 1% of the 1% increased average incomes by $18,700,000 per year.

This occurs in the context of McKinsey Chief Economist James Henry documenting the 1% hide $21 to $32 trillion in tax havens, the US top seven banks hide over $10 trillion, many top US corporations claim income losses, while the bottom 90%’s tax burden increases – in part to pay top corporations’ tax refunds.

Read More @ WashingtonsBlog.com

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2 comments to Obama’s ‘change’: 1% get 81% income gains then tax-shelter $21-$32 trillion; bottom 90% lose income

  • Rodster

    All you bastards who voted twice for this joker, you deserve what you get.

  • RICO

    I had a tete a tete with Mr. Johnston a few years back regarding the “voluntary” nature of the Federal Income Tax. He commented that I couldn’t believe everything I read on the Internet and I jabbed back at him that one could not possibly expect to believe everything one read in the New York Times. How this CLOWN PRINCE was awarded a Pulitzer Prize is beyond me. Guess it isn’t what you know, it’s who you know and where you work. Now a professor at Syracuse, I hope some of his students are aware enough to see through the sheen of his elitist bull shit, honed at one of the finer news institutions peddling BS on a daily basis…

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