Monday, October 15, 2007

The Top 1%

America's richest 1 percent of households own more than half of the nation's stocks and control more wealth ($16 trillion) than the bottom 90 percent.

The richest 20 percent are responsible for almost 60 percent of consumption.
Lucky for the rest of us, prices of things the rich love to buy have been increasing. Learjet 40 (7.9 mil) up 2%, Sikorsky S-76C+ (10 mil) up 11%, Hatteras 80 (4.7 mil) up 4% or an Olympic size swimming pool (1.3 mil) up 12%.

Lucky for the rest of us, that the top 20% of taxpayers don't have to pay too much more in taxes than the next 40 percent of taxpayers. If they did, that would be redistribution of wealth.

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