Monday, November 06, 2006

The rich get richer

Kevin G. Hall, a reporter for McClatchy Newspapers, writes that the rich are getting much richer, much faster than everyone else.
Over the past quarter-century, and especially in the last 10 years, America's very rich have grown much richer. No one else fared as well.

In 2004, the richest 1 percent of households - 719,910 of them, with an average annual income of $326,720 - had 19.8 percent of the entire nation's pretax income. That's up from 17.8 percent a year earlier, according to a study by University of California-Berkeley economist Emmanuel Saez.

You can read more here. Albany Catholic urges you to keep this in mind as you go to the polls to vote for people who either will continue to support tax cuts for the rich or will favor a more equitable tax program.