Online Lib Lawyers: Dumb or Lying?
South Carolina's State Senate Leader Said What Now About Why He's Against...
Bad Medicine Could Be in Store for MI's El-Sayed Over Issues Concerning His...
The Thing That Works
Those Defending the Nazi Candidate Want a Republican to Quit When Someone Else...
Keep Reality to Yourself
Networks Manufacture a Mini-Scandal Over a 'Road Trip'
The Greatest Time to Be Alive in America Is Right Now
Pass the Major Richard Star Act
The Hantavirus Cruise: A Ship of Fools
Fine Them, Jail Crooked Bosses, Revoke Their Nonprofit Status
Retirement Options for the Middle Class
Trump Is Addressing Grocery Gouging the Right Way. Democrats Aren’t.
America to DC: Stop Digging
Look Who Democrats Had To Bring Out To Help James Talarico
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.
Income goes up...especially for the rich

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

Advertisement
Advertisement
Advertisement