We Have Reached a Tipping Point for Tips
CIA COVID Whistleblower Has a Simple Request for the Media. You've Heard It...
Given These Bizarre Remarks From NJ's Governor About Illegal Alien Voters, What's She...
What Happened in New Jersey Regarding Illegal Alien Voters Is Just the Tip...
Trump Endorsed Mike Lindell. He Might Have to Suffocate It With a Pillow
We Have Another Bad Dem Internal Poll for This Congressional Race, but Here's...
KY Gov Just Issued a Health Ultimatum to Mitch McConnell
The Case for Capitalism
Here's Chicago's Latest Solution to Crime on the Subway
Older Voters Will Shape Georgia’s Election, New AARP Poll Finds
One Standard for Government Failure
Yes on the AM Radio in Every Vehicle Act
Career Democrat Politicians vs. the Constitution
Biden's Last-Minute Amnesty Was Built to Outlast Him
Gen Z Turns to Socialism in Desperation
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