MD Sheriff Has a Message for Biden After Arresting an Illegal Who Murdered...
Latest Palestinian Poll Should Kill Further Discussions About Ceasefires
It Was Quite A Week Of Media Stupidity
My Father Lived Out Equality: He Adopted Ten of Us
A Quick Bible Study Vol. 222: Jesus Quotes Isaiah - Part 1
What to Expect in the First Presidential Debate
A Politically Incorrect Prayer
Who Does Kamala Harris Think She Is Weighing in on Our Sex Lives?
The Tolerance Lie
What Most People Do Not Know About Capitalism
CNN Bullies Ticketmaster Into Canceling Tucker Carlson Tour
Senate Republicans Block Bill Protecting IVF
Nearly Half of Americans Have Little Faith Biden Will Make It Through First...
Democrat's Law Directly Linked to Increase In Fentanyl Deaths
How This Republican Is Protecting the Integrity of the 2024 Election
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