Cruz says top 1% earn more of national income than any year

[wvit1001]

Ted Cruz says top 1 percent earn more of national income than any year since 1928 -



"Cruz accurately recapped calculations of income by respected researchers...Mark this statement Mostly True."

To check on changes over time for ourselves, we built a chart from the database.

The resulting data, covering 1913, the earliest checkable year, to 2012, shows 1928 and 2012 to be the top two years where the top 1 percent of the richest Americans (the richest of the rich) earned the greatest share of the nation’s income, which the government breaks down into 15 categories including wages, salaries and self-employment income plus income from dividends and interest.

By email, Saez said he expects the top 1 percent’s income share for 2014 to prove slightly lower than in 2012 as a result of tax increases approved by Congress and Obama in 2013 raising the nation’s marginal income-tax rate from 35 to 39.6 percent for married couples earning more than $450,000 annually, starting in 2013. That deal, which also whittled tax deductions for high-earning businesses and individuals, helped the government avoid the "fiscal cliff, a term describing the looming impact of tax cuts initiated by President George W. Bush expiring at the end of 2012 at the same time congressionally mandated spending reductions were due to kick in.


http://www.politifact.com/texas/statements/2015/jan/30/ted-cruz/ted-cruz-says-top-1-percent-earn-more-national-inc/

[jst-the-fax]

Jealous of others success is a communist attributes...just so you know

[wvit1001]

not jealousy, just facts.  you evidently assign emotion to facts.  why is that?

[chuck_curtis]

If they didn't earn it, though, it wouldn't exist for anyone else to plunder.

[wvit1001]

you mean like the way the wealthy are plundering the earnings of the rest of the country?  is that what you mean?

[jst-the-fax]

Why do you care how much someone makes...I mean, I make much more than you...should I be forced to give you some, simply because you do not have the talent I do?

[chuck_curtis]

How are they plundering wealth from anyone, vit?

[jst-the-fax]

I don't think wvit realizes folks with money invest that money...and that investment creates jobs! But on a side note...foreigners have taken taken more US jobs during dictator obama's reign of terror than American born citizens.

[wvit1001]

so you don't think the wealthy are plundering the rest of us?  then why has their wealth been steadily rising while everyone else's wealth is going down?

it's because the progressive tax system has changed over time.  we could just as easily change it in the other direction, but then you'd consider that plundering while you don't think it's plundering now.

It's strange how you think of one way as plundering but you think the other way isn't.

[chuck_curtis]

You can't plunder (tax) what one doesn't earn.  So taxation (the tax system) has nothing to do with what one earns.

So, how are the earners plundering wealth from anyone, vit?  You didn't answer the question.

[wvit1001]

the investment income tax is one way.

[chuck_curtis]

Yes, I agree, the investment income tax plunders money from people, but that has nothing to do with my question.