The Center on Budget and Policy Priorities released a report on July 23rd with these figures, basing its results on data prepared by the Congressional Budget Office.
The report found that "income gaps increased substantially during the 1980s, as wealthy Americans reaped large income gains, the incomes of the middle class stagnated and poor households fell further behind."
It is not that before 1980 the U.S. distributed wealth equally. Far from it. But the Reagan and Bush administration cut taxes for the rich, raised taxes on the workers and cut social services for the poor. The number of homeless sleeping on park benches or in doorways, the hungry lining up at churches for a free meal, make it obvious that capitalism has failed the poorest portion of the population. Bush's proposed cut in the capital gains tax would once again boost the rich and squeeze the poor.
From: Workers World
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