As President Obama continues to base his reelection hopes on resentment toward the “1 percent” who are supposedly not “paying their fair share,” the latest evidence suggests that his attacks are still off-target.
According to data just released by the Tax Foundation, the top 1 percent of the wealthiest Americans earned 16.9 percent of all adjusted gross income in the United States. While no doubt that’s a lot of money, it actually represents a decline from 2008, when the rich earned 20 percent of all income. That’s right; the rich are earning a smaller proportion of U.S. income.
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