Tuesday, October 26, 2010
Now for some really scary breaking news from the latest payroll tax data. ... Total wages, median wages, and average wages all declined, but at the very top, salaries grew more than fivefold. ...
The new data hold important lessons for economic growth and tax policy and take on added meaning when examined in light of tax return data back to 1950. The story the numbers tell is one of a strengthening economic base with income growing fastest at the bottom until, in 1981, we made an abrupt change in tax and economic policy. Since then the base has fared poorly while huge economic gains piled up at the very top, along with much lower tax burdens.
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- Bloomberg, Highest Earners' Pay Quintupled in 2009, Government Data Show
- Concurring Opinion, The Ten Million Dollar-per-week Club
- Huffington Post, New Figures Detail Depth of Unemployment Misery, Lower Earnings For All But Super Wealthy