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Sunday, November 14, 2010

More on income inequality

As you listen to the endless blah, blah, blah about Bush's tax cuts and what to do about them, here is one fact you should bear in mind. In 1976, the top 1% of all income earners took in just less than 9% of the total U.S. income. In 2007, the top 1% took in 23.5% of the total income. Virtually all of the growth came from tax laws and exclusions.

If you want more details, see Frank Rich's column, "Who Will Stand Up to the Superrich?" in today's New York Times.

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