Rich Getting Even Richer, Even Faster

Gap between super wealthy and rest of US grows even bigger
By Kevin Spak,  Newser Staff
Posted Dec 15, 2007 4:17 PM CST
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(Newser) – America’s economy is great, the New York Times says, if you’re already super rich. Between 2003 and 2005, America’s top 1% saw a meteoric 42.6% jump in income. The rest of us? Well, the middle fifth earned an extra 4.3%, and the bottom fifth just 1.3%—or $200 per household. “This is an economy that’s working, but not working for everyone,” said one economist.

The top 1% accounts for 27.6% of all taxes, up from 22.9% in 2003. The increase in income for that group alone—$525 billion—is about 40% greater than the total income of the bottom fifth of households—$383 billion, the Times notes.