Archive for January 5th, 2012

January 5, 2012

The Daily Scoop: Bush tax cuts, stock market widen income gap

NEW YORK (CNNMoney) — The rich have gotten richer, thanks to the stock market and the Bush tax cuts, a recent report has found.

After-tax income for the top 1% of taxpayers soared 74%, on average, between 1996 and 2006. The top 0.1% benefited even more, nearly doubling their income over that decade. By comparison, the bottom 20% of taxpayers saw their income fall by 6%, while the middle quintile experienced a meager 10% gain.
Read more…