"CBO finds that over the past three decades, a growing fraction of income has gone to the top of the income distribution (see first graph). The top fifth saw its share of pretax income rise from 43 percent in 1979 to more than 50 percent in 2010. Much of the gain went to the top 1 percent, whose share increased from 9 percent to 15 percent over that period. In contrast, households in the bottom two quintiles saw their income shares drop. The poorest 20 percent collected just 5.1 percent of pretax income in 2010, down from 6.2 percent in 1979. Households in the second quintile suffered a bigger decline—from 11.2 percent to 9.6 percent over the period." – http://www.forbes.com/sites/beltway/2013/12/09/cbo-details-growing-u-s-income-inequality/
"Yet there are some who believe that the redistribution of wealth is not nearly what it should be. The CBO report clearly shows that more money needs to be shifted to the lower income brackets.
"[The CBO report] tells me that the lowest quintile are being helped to some extent," observed Nancy Fox, an economics professor at Saint Joseph's University in Philadelphia. "But government transfers are not doing a great job of income redistribution, because the wealthiest are still earning about half of all after tax income. They are not being taxed high enough." — http://www.mainstreet.com/article/moneyinvesting/taxes/poor-get-richer-after-taxes-0?page=2
Reshared post from +Harold Carey Jr
The rich pay ALL the taxes!
40% Paid 106.2% of Income Taxes; Bottom 40% Paid -9.1%,
Congressional Budget Office report and reveals the CBO broke the country into five tiers of wage earners. The top 20 percent pay nearly 93 percent of all income taxes, according to the report. At the same time, their incomes are growing far faster than everyone else