I wrote a Wall Street Journal op-ed in December showing that the top 1 percent did not receive 16.1 percent of personal income in 2004, but just 10.6 percent. Most of the post-1980 increase in that number happened between 1986 and 1988, when tax rates fell. Any apparent rise since then is due to business income shifted from the corporate tax to the individual tax and investment income of middle-income taxpayers shifted from taxable to nontaxable savings.
Two "liberal" blogs w ...
( Back to Article )
- 
- 
- 
