In 20 years, incomes of top 1 percent of taxpayer jumped from 11.3 to 21.2 percent of the national total

Poisonous Plutocracy Pushes Economic Inequality : Information Clearing House - ICH By Joel S. Hirschhorn

28/05/08 "ICH" -- - The biggest political issue receiving no attention by the Democratic and Republican presidential candidates is the powerful plutocracy that has captured the government to produce rising economic inequality.

Both major parties have enabled, promoted and supported this Upper Class plutocracy. Myriad federal policies make the rich super-rich and the powerful dominant in both good and bad economic times. Meanwhile, despite elections, the middle class sinks into one big Lower Class as the plutocracy ensures that national prosperity is unshared.

Economic data show the plutocracy’s assault on American society. Consider these examples.

The top 20 percent of households earned more, after taxes, than the remaining 80 percent in 2005, while the topmost 1 percent took home more than the bottom 40 percent.

No American state has seen the gap between rich and poor widen faster than Connecticut. From 1987 through 2006, the top fifth of the state’s households saw their incomes increase by 44.8 percent, after inflation. Incomes for the bottom fifth fell 17.4 percent. On the other coast, just three of every 1,000 Californians in 2005 reported at least $1 million in income. But they got $213 of every $1,000 Californians earned in 2005 income. The state’s top 1 percent – average income $1.6 million – pay 7.1 percent of their incomes in income, sales, property, and gas taxes. The poorest fifth of California households pay 11.7 percent.

Real hourly wages for most workers have risen only 1 percent since 1979, even as those workers' productivity has increased by 60 percent. Higher efficiency has rewarded business executives, owners and investors, but not workers. What's more, American workers now work more hours per year than their counterparts in virtually every other advanced economy, even Japan, and without universal health care.

A typical hedge fund manager makes 31 times more in one hour than the typical American family makes in a year. In 2007, the top 50 hedge fund income-earners collected $29 billion – an average of $581 million each. John Paulson took home $3.7 billion from his hedge fund labors.
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Between 1986 and 2005, the income of America’s top 1 percent of taxpayer jumped from 11.3 to 21.2 percent of the national total. Their federal income taxes dropped from 33.13 percent of total personal income in 1986 to 23.13 percent in 2005. From 2001 to 2008, the net worth of the wealthiest 1 percent grew from $186 billion to $816 billion. ...