A headline in today’s News Journal; DELAWARE’S TOP 1 PERCENT CLAIMS ALL INCOME GROWTH. So what else is new, what is awful about the article is income fell to the bottom 99 percent.
The article claims from 2009 to 2012 the top 1 percent of Delaware earners saw income growth of 15 percent.
The bottom 99 percent? Their incomes fell 1.6 percent. The study was based on Internal Revenue Service data of adjusted gross income.
While the bottom 99 percent is not surprised by their shrinking income, I am sure they are not happy about the top 1 percent.
This is not just a Delaware issue. Across the United States, the top 1 percent or earners accounted for 88.5 percent of all income growth from 1979-2012.
Coming out of the recession, from 2009-2012, the bottom 99 percent saw income levels fall 0.4 percent, while incomes of the top 1 percent rose 36.8 percent.
Delaware’s 1 percent reported average income of $863,734 in 2012. The bottom 99 percent had an average income of $46,686.
What really bothers me is the top 1 percent have convinced the bottom 99 percent they don’t need to be taxed any more and that 99 percent are buying into that theory.