About being done, I mean. The CBO numbers are still a red herring as far as the definitions go, but I admit I was curious enough to take a look. The table of average after-tax income by quintile, plus the 1%, turned out to make for interesting reading.
I summarized the table by looking at just the first and last year in the range, and computing the growth in income by group. Strangely for a CBO document, the footnotes don't say whether the dollar amounts were adjusted for inflation, and I decided to not muddy the waters by trying it myself.
· Lowest · Second · Middle · Fourth · Highest · 1%
1979 · 15,300 · 31000 · 44100 · 57700 · 101700 · 346600
2007 · 17700 · 38000 · 55300 · 77700 · 198300 · 1319700
Income growth · 15.69% · 22.58% · 25.40% · 34.66% · 94.99% · 280.76%
Source: CBO Average After-Tax Income for All Households, by Household Income Category, 1979-2007
The rich got richer, the poor, not so much.
The table also shows the funny thing that happens when you subdivide the top quintile further to tease out the 1%: You start to see what Occupy Wall Street means by the 1%/99% formula. Hell, everybody in the 20-2% range should be envious of the growth the 1% saw. Nearly 300%.
Thanks for the gracious concession about the definitions. I appreciate it.
Flame » in reply to About the definitions, you were right and I was wrong.
And I spoke too soon
The whole thread (35 posts)
- So Romney's paying...
- Romney paid over $6 million in Federal taxes in the past two years.
- Re: Romney paid over $6 million in Federal taxes in the past two years.
- Just for fun
- Be careful of the terminology. (EDITED FOR CORRECTION)
- One more time if you don’t mind
- define:progressive tax rate, define:regressive tax rate
- What?
- Re: define:progressive tax rate, define:regressive tax rate
- You do love that red herring, don't you?
- About the definitions, you were right and I was wrong.
- And I spoke too soon
- Re: And I spoke too soon
- Yeah, those look like "my" numbers.
- The problem with defending markets here is that too many people can't think outside the "managed economy" box.
- Yeah, those look like "my" numbers.
- Re: And I spoke too soon
- And I spoke too soon
- About the definitions, you were right and I was wrong.
- You do love that red herring, don't you?
- I don't mind wealthy people paying more taxes than people who aren't. I never did.
- define:progressive tax rate, define:regressive tax rate
- One more time if you don’t mind
- Be careful of the terminology. (EDITED FOR CORRECTION)
- Tax rates of presidential candidates
- Romney paid over $6 million in Federal taxes in the past two years.