MOsanthrope

Posted by Chris on April 5, 2006 at 10:58 am.

No More Mr. Nice Blog has a good post up about middle class America’s love affair with the new trickle down economics.

Here we are, according to a recent report:

The real income of the typical household [fell] five years in a row, despite the fact that the last three of those years — 2002, 2003, and 2004 — have been years of economic expansion….

And here are the rich, according to today’s New York Times:

Americans with annual incomes of $1 million or more, about one-tenth of 1 percent all taxpayers, reaped 43 percent of all the savings on investment taxes in 2003. The savings for these taxpayers averaged about $41,400 each.

* * *

Those making less than $50,000 saved an average of $10 more because of the investment tax cuts, for a total of $435 in total income tax cuts, according to the computer model.

Wow — 36 bucks a month! That should just about cover our higher insurance premiums and increased co-pays (though probably not our increased payments for gas and utilities or the higher payments on our adjustable-rate mortgages).

It’s worth a read.

Filed under: Politics, U.S., Economy