NC Media Watch

A quest for reason and accuracy in letters to the editor, guest editorials and other issues of interest to the citizens of Western Nevada County.

Friday, August 27, 2004

Jack L. Sanchez writes in the Union Letters Kerry to help business, August 26, 2004
“John Kerry says "the measure of a strong economy is a growing middle-class in which every American has a chance to work and an opportunity to succeed." The income gap has steadily widened so that under Bush the wealthiest 20 percent share of income has jumped to 50 percent, the largest ever.”
This bunkum, it was not just under Bush, it was over two decades according to the Census Bureau report. The total growth was only 6 percent, or about .3 percent per year.
The wealthiest 20 percent of households in 1973 accounted for 44 percent of total U.S. income. Their share jumped to 50 percent in 2002, while everyone else's fell. The bottom fifth, the share dropped from 4.2 percent to 3.5 percent.
When you look at the details of the report you find out that most of the growth took place in the 1990, under Clinton, not Bush.

Oh, by the way, the top 20 percent of income earners pays 78.4 percent of all federal income taxes. The bottom four-fifths of income earners pay just over one-fifth of all federal income taxes.

If you make the big bucks, your pay the taxes.

UPDATE:

More from the Census Poverty Report:
Between 2000 and 2003, the share of total income going to the top quintile (20 percent of households) was exactly unchanged at 49.8 percent. The middle three quintiles -- the middle class -- were slightly better off, raising their share of aggregate income from 46.7 percent to 46.9 percent. The bottom quintile was slightly worse off, falling from 3.6 percent to 3.4 percent.
So, it was all Bush's fault? Not! It happended over two decades, mostly on Clinton's watch.

MORE UPDATE: Look at these charts in the Detroit News, they tell the real story of who pays taxes and who benefits from the Bush tax cut.

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