There has been a lot of class-warfare talk from Barack Obama and his cohorts in the media (and Bane, in The Dark Knight Rises) that either intimates or baldly states that the rich are getting richer, the poor poorer, and the gap between them is ever-widening in America. In addition, talk has been bandied about that the rich pay less taxes than the rest of Americans. But according to a new report from the Congressional Budget Office (CBO), neither of these leftist canards is true.
Between 2007 and 2009, (once the Democrats took over Congress and the recession started) the earnings accrued after taxes by the top 1% of wage earners fell 37%. And even before taxes their earnings fell 36%. Meanwhile, the lowest 20% of earners saw their income grow by 3%, while the middle class dropped a modest 2%. This means that the incomes of the top 1% fell 18 times more than middle class incomes. In 2007, the top 1% earned 16.7 percent of all after-tax income, but by 2009, it had shrunk to 11.5%.
So while the rich saw their fortunes plummet, the poor gained, and the middle class treaded water. So much for an ever-widening gap
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