Money

New Stats Support Occupy Wall Street: 1% Getting Way Richer

| by Mark Berman Opposing Views

Those Occupy Wall Streeters have new ammunition in their fight against the rich -- a new federal study has found that the so-called "one percenters" are indeed getting richer while the rest of us flounder.

The New York Times said that a report from the Congressional Budget Office indicates that between 1979 and 2007, the income for the richest 1% of the nation climbed a whopping 275%.

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The top 20% saw their income go up by 65%. The middle three-fifths -- that's most of us in the middle class -- saw a 40% jump. And once against the poorest are bringing up the rear; the bottom fifth saw just an 18% increase.

The report said the way the tax system favors the rich is not helping matters.

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The equalizing effect of federal taxes was smaller (in 2007 than in 1979 as) the composition of federal revenues shifted away from progressive income taxes to less-progressive payroll taxes.

The findings are based on data from the Census Bureau and the IRS. The Times reports that they are consistent with several private studies, but this report is likely to have more influence because it comes from the government.