Why do I feel like I don’t have any money?
Why does the government keep asking me for more?
• Because real average earnings have not increased for most of us in 50 years
• Because, since the 1960’s, income taxes have consistently gone up for the middle class* and way down for the upper class.
Our taxes have gone up because the government keeps using them as tax bailouts for the rich: In the 1960’s, the richest multi- multi- millionaires paid a 72% income tax rate. Their poor cousins, the millionaires, paid 45% income. The rest of us in 1960 paid about 15%.
Meanwhile the rich are earning more and paying less in taxes. Now the richest pays about the same in income tax as the average middle class guy.
• The average CEO’s income increased 235% over the last 2 decades.
• People working minimum wage saw income drop almost 10%.
Think about it this way: Let’s say in America there are only 100 people and 100 Apple Pies are all the money.
• ONE GUY would take 33 ½ of those pies.
• 9 people would take 38 of those pies
• 40 people would get 26 pies
• In the middle class 39 of us would be forced to split 2 ½ pies between us.
• 11 would get crumbs or none at all.
Despite the idea that anyone can make it if they work hard enough, there is very little chance of you or your children rising to the upper middle class
Mostly you are working hard at low wage jobs so the rich can get richer and pay less in taxes, while you pay more.
.
At a 1979 rate, the top 1% have seen their income more than double. The bottom 90% have seen their already small portion shrink.
*Income tax levels dropped to historic lows for the middle class in mid 2009.
Taken from:
http://www.businessinsider.com/15-charts-about-wealth-and-inequality-in-america-2010-4#