Friday, October 12, 2007

NEWS FLASH: Rich Getting Richer

This just in: the poor are getting poorer and the rich are getting richer.

IRS says rich getting richer (Reuters, 12 Oct '07)

"The richest one percent of Americans earned a postwar record of 21.2 percent of all income in 2005, up from 19 percent a year earlier, reflecting a widening income disparity among different classes in the nation, the Wall Street Journal reported, citing new Internal Revenue Service data.

"The data showed that the fortunes of the bottom 50 percent of Americans are worsening, with that group earning 12.8 percent of all income in 2005, down from 13.4 percent the year before, the paper said."

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