Average full-time workers made $41,198 in 1973 and $37,606 in 2008, adjusted for inflation. CEOs make more than 300 times as much.
The top tax rate was 70 percent in 1973 and just 35 percent now. The top rate for capital gains was 36.5 percent in 1973 and 15 percent now.
The richest 1 percent have increased their share to the second-highest level on record. The only year higher was 1928 – on the eve of the Great Depression.
The richest 400 average more than $5 million a week, are taxed under 17 percent, and cheat more on their taxes by understating incomes an average of 21 percent.
Republican tax cuts for the top 1 percent in 2008 was more than the budgets of the Department of Education and Environmental Protection Agency combined. McClatchy-Tribune News Service