Friday, September 19, 2014
Inquirer Daily News

Why we fight

Why we fight

This is what the Oakland cops are fighting to protect:

WASHINGTON — The top 1 percent of earners more than doubled their share of the nation’s income over the last three decades, the Congressional Budget Office said Tuesday, in a new report likely to figure prominently in the escalating political fight over how to revive the economy, create jobs and lower the federal debt.

In addition, the report said, government policy has become less redistributive since the late 1970s, doing less to reduce the concentration of income.

“The equalizing effect of federal taxes was smaller” in 2007 than in 1979, as “the composition of federal revenues shifted away from progressive income taxes to less-progressive payroll taxes,” the budget office said.

Also, it said, federal benefit payments are doing less to even out the distribution of income, as a growing share of benefits, like Social Security, goes to older Americans, regardless of their income.

By the way, I'm not sure if I've ever mentioned this here on the blog,* but you know who started that trend? Fellow by the name of Ronald Reagan. Despite all the bronze statues that have been erected to honor his legend as a taxcutter, working-class Americans actually paid more of their weekly check to the government when Reagan left off than when he came in. And higher payroll taxes were the reason. The payroll tax is a tax.

* Sarcasm.

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Will Bunch
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