Income of Wealthy Tripled In 30 Years
The wealthiest Americans saw their income nearly triple in the three decades to 2007, substantially more than all other segments of the population, the Congressional Budget Office said Tuesday.
wealthiest americans
What Stops When a State Gov't Shuts Down?
The government of Minnesota has been essentially shuttered for a week since the governor and legislature failed to find a compromise solution for the state's $5 billion shortfall. But it's hard to imagine what it means to "shut down" a state of 5.3 million people. Here's what it means to them.
Measuring Rich People's Toys Against Average Incomes
The gap between America's super-wealthy and the rest of us has grown so vast it's hard to even comprehend the sums they spend on their luxuries. But if you measure, say, a $200 million luxury yacht in terms of the average U.S. family's household income, the picture comes back into focus.
Obama's Tax Deal Will Save At Least One Job: His
The $858 billion compromise tax bill passed the House Thursday at midnight, and is on its way to President Obama's desk. With its passage, and the GDP growth it will propel, his reelection is more in the bag than ever. What effect it will have on jobs for the rest of America, though, is far less clear.
Income Inequality on Course to Hit Record Levels
With a tax bill tilted to benefit the wealthiest Americans poised to pass Congress this week, U.S. income inequality is poised to set new records. One key to that shift -- a change in the tax rules that lets the rich pass their wealth on to their heirs at the lowest tax rates in decades.
The High Price of Extending the Bush Tax Cuts
Before the GOP power surge on Tuesday, President Obama had steadfastly refused to consider extending the Bush tax cuts -- due to expire at the end of the year -- for America's wealthiest taxpayers. Now, he says he's willing to compromise.
Rich vs. Poor: How America's Wealth Is Divided
In an academic study, the vast majority of Americans across the political, gender and wealth spectrum displayed a markedly skewed understanding of how America's money is divided.
Newt Gingrich: Say No to 'More Food Stamps'
"More food stamps? Or more paychecks?" Former Speaker of the House Newt Gingrich suggests that's how the GOP should couch the national policy debate before the midterm elections. But will it work?
Poorer Households Give Consumer Sentiment a Boost
September's consumer sentiment level unexpectedly rose to 68.2 from its preliminary 66.6 reading. However, the entire gain came from more positive responses among households earning under $75,000 -- those who wouldn't be affected by a failure to extend the Bush income tax cuts for the rich.
Growth May Still Leave 95% of Americans Behind
America's big income disparity is creating an economy that's dependent on the spending and investing of the wealthiest. As a result, economic growth may increasingly mean 95% of Americans are still not doing better financially.
