2010 was a good year for the top 1-percent. According to data analyzed by the Roosevelt Institute’s Mike Konczal (Conk-zal) 93 percent of the income gains in the first year of the recovery were captured by the top 1 percent.
The bottom 99 percent gained $80 in 2010 while the top 1 percent gained more than $100,000.
Rightardia suspects the Bush tax cuts which were never rescinded can explain a lot the good fortune of the top 1 perr cent. for top income earners, the bush tax cut amounted to about $64,000 per year.
The Bush tax cuts also cut taxes for the second income tax bracket form 28 per cent to 15 cent. Essentially anyone who lives in the US and makes less than $30,000 plays very low or no taxes.
This is why Republicans like Rush Limbaugh complain that nearly half of Americans pay no federal income tax cuts.
Of course, the Bush tax cuts were responsible for letting more low income tax payers off the hook.
graphic source: http://grist.org
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