My friend had a very rude shock last week. In business for herself, she found that she owed additional taxes for the last quarter under the alternative minimum tax (AMT) law - which has apparently been unsuspended for 2006. She makes well under $100K!!! She thought some mistake had been made, but not so!
And our own Repub congress isn't looking to cut THIS new (for the middle class) tax anytime soon! This is a direct assault on the middle class, sole proprietors and small business people.
Yes, the MSM like it when the public buys into this canard. Fact is, total compensation for workers has been growing because employers are picking up a larger portion of these increases. Americans rely less on wages for total income these days because more than 52% of all Americans are now invested in the stock market which is up from just 25% in 1980. More Americans own real estate that generates income today as well.
Real per-capita consumption has increased at an average annual rate of 2.3% over the past 30 years. Do you really think that just the top 10% of all earners are buying all these goods and services. Consumption is a much better indicator of rising incomes and there is no way we could be consuming like we are unless Americans were earning more.
median, average and mean incomes are not declining sorry, over the past year they just barely kept up with inflation, but that is not declining