 |
| Inflation adjusted increase in after-tax household income between 1979
and 2005 for the top 1% and the four of the five quintiles. |
President Obama spoke on the tax cuts for the middle class on Friday and urged the legislature to pass the bill that extend the current tax rate for the 97% whose income is less than $250,000 a year. The Republican dominated Congress voted for the tax cuts for the top tier that has multiplied the income level over the decades. He said America is -- should be -- "where hard work pays off and responsibility is rewarded".