the rich get richer, faster

From the “New York Times“:

…The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans, data in a new report by the Congressional Budget Office shows…

On average, incomes for the top 1 percent of households rose by $465,700 each, or 42.6 percent after adjusting for inflation. The incomes of the poorest fifth rose by $200, or 1.3 percent, and the middle fifth increased by $2,400 or 4.3 percent…

I’m not sure how all the candidates stand on the issue, but I know that Hillary Clinton has recently gone on record saying that she, like Warren Buffet, welcomes the return of the Inheritance tax in 2011. (I suspect most of the Democrats do.) I know it’s not likely to be the sexiest issue this Presidential season, but it’s probably one of the most critical to the long-term health of our democracy… The American aristocracy must be stopped.

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4 Comments

  1. mark
    Posted December 16, 2007 at 9:18 pm | Permalink

    And before you bring up the family farms that will be lost once we bring the “death tax” back, you should do your homework.

  2. egpenet
    Posted December 16, 2007 at 10:07 pm | Permalink

    The BEST way to stop the aristocracy is to put their kids in jail when they drink and drug and drive frepeatedly (Bush girls), kill stray animals (Huckabee’s kid), etc. etc.

    If they’re in jail and cannot reproduce … bingo, bango … no aristocracy.

    Hoo-Haw!

  3. Ol' E Cross
    Posted December 17, 2007 at 12:11 pm | Permalink

    Mark, I object to your assertion that we should “do [our] homework” before posting on this site.

    Homework is for poor kids who can’t get by on legacy alone.

  4. Sarah
    Posted December 17, 2007 at 12:14 pm | Permalink

    My husband says that I have to do my housework before posting here.

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