The White House Just Confirmed Why We Have a VIP Membership
Republicans Sound the Alarm Over Biden's Latest Partnerships With the World Health Organiz...
The Biden Admin's Failing Foreign Policy Embarrasses America Again
RFK Jr. Offers Odd Pledge to Joe Biden in Attempt to Get Him...
Wait Until You Hear What Iran Is Offering Expelled US College Students
Speaker Mike Johnson's Popularity Is Soaring...Among Democrats
KJP Stutters When Questioned About Who Is Funding the Pro-Hamas College Protests
Hundreds of UCLA Students Convert to Islam, Pray to Allah
A ‘Trans’ Athlete Will Compete in a Women’s Water Polo Championship, Again.
Pro-Hamas Protests Create Headache for Vulnerable Dem Incumbent Sen. Jon Tester
How Excited Should We Really Get Over This Michigan Poll?
NYPD Patrol Chief Has Best Response to City Official Upset Over Crackdown on...
A Fifth Body From the Baltimore Bridge Collapse Was Recovered
Senate Republicans Make Their Thoughts About Biden's Plan to Accept Palestinian Refugees K...
Another Country Severs All Diplomatic Ties With Israel
OPINION

Income goes up...especially for the rich

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
Advertisement
Advertisement
Advertisement

After two years of declines, Americans' income finally rose in 2010. The Internal Revenue Service provided a first peek at taxpayers' returns and it showed that adjusted gross income totaled $8 trillion, up 5.2% from 2009.

Advertisement

But a closer look at the data reveals that only the wealthiest Americans will be popping the Cristal.

Taxpayers earning more than $250,000 saw their total adjusted gross incomes rise by 13.8%, while those bringing home between $200K and $250K enjoyed at 6.7% increase, according to a CNNMoney analysis.

Middle-class Americans? Not so fortunate. Those making between $50K and $100K saw their incomes creep up only 1.5%.

Part of the imbalance comes from differences in the growth of wages, the largest component of adjusted gross income.

Overall, salaries and wages grew 2.1%. But the super-rich saw an 11.2% hike, and those just below them enjoyed a 4.6% increase.

But the middle class saw a drop of 0.7% in wages.

And while capital gains rose healthily for most income brackets, the wealthiest taxpayers benefited from a 37.6% hike, and those in the bracket below pocketed 32% more. Middle-income folks saw only a 19.8% increase.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos