Tuesday, August 26, 2008

6 YEARS OF BUSH ECONOMICS == 1.2% INCREASE

So much for Hannity's claim that we were in the "best of times." In constant 2006 dollars, there's been almost no increase in adjusted gross income between 2000 and 2006.

Average U.S. Income Showed First Rise Over 2000
By DAVID CAY JOHNSTON
Published: August 25, 2008
NY Times

Adjusted gross income reported on tax returns in 2006 averaged $58,029. In 2006 dollars that was an increase of $739, or 1.2 percent, from the $57,289 average in 2000, analysis of Internal Revenue Service data showed.

As can be expected, those at the very top had the greatest increase in income and those in the bottom half had no increase:
Total income increased by $619.2 billion or 8.3 percent, all of which went to those making more than $75,000, and 42 percent of which went to the roughly one in 400 taxpayers who made more than $1 million in 2006.

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