Wednesday, July 28, 2010

IMPORTANT STORY: Income of Very Richest shot up by 281% since 1979

This article is important to educate those who continue to say tax cuts for the rich are not only desirable, but necessary...  Read the article and see if you agree with them.

a recent Wall Street Journal story revealed that, over the past decade, the two highest-paid CEOs at public companies each took in over a billion dollars in compensation, while others in the top 25 received compensation in the hundreds of millions.

What makes these pay rates really "infuriating," says Hayes, is that "CEO pay is both a cause and partly a symptom of the staggering increase of inequality in this country.

Hayes cited a study recently released by the non-partisan Center on Budget and Policy Priorities which shows that if you're in the bottom 20% of earners, "you're making only 16% more today than you would have in 1979." If you're in the middle fifth, you're making 25% more. "But the top fifth of earners in this country -- they're making 95% more."