Tuesday, September 15, 2009
Income Gap Shrinks
My opinion is that this is a bad thing.
Higher income people buy high priced (high profit) items and also pay more taxes.
Government should be very cautious about taking steps that hurt the business side of America...
Higher income people buy high priced (high profit) items and also pay more taxes.
Government should be very cautious about taking steps that hurt the business side of America...
Bob Davis and Robert Frank report in the Wall Street Journal:
"In 2007, the top 1% of U.S. families accounted for 23.5% of all personal income in the U.S., according to economists Emmanuel Saez of the University of California at Berkeley and Thomas Piketty of the Paris School of Economics. That was a level not seen since the Roaring Twenties.
The top 1%'s share appears to be falling fast. Mr. Saez and other economists expect income going to the top 1% of taxpayers — currently, those with about $400,000 a year — will drop to somewhere between 15% and 19% of all income by 2010. "
