during the economic recovery, the top 1% incomers captured almost 95% of all the income gains during that time. just think about this for a second. 95 cents of every dollar that the recovering economy has generated into people s pockets has gone into the deep pockets of the top 1%. that is crazy. and if you look at the recovery specifically from 2009 to 2012, you will notice that the top 1% saw their incomes grow by more than 30%, while the bottom 99% income barely moved at all, recouping less than.4%, while the bottom has hardly started to recover. at this associated press report, they say the richest americans earned more than 19% of the country s household total income last month, the biggest share since 1928. all this data paints a crystal clear picture of the rich getting richer, very much like the years we saw in the great
during the economic recovery, the top 1% incomers captured almost 95% of all the income gains during that time. just think about this for a second. 95 cents of every dollar that the recovering economy has generated into people s pockets has gone into the deep pockets of the top 1%. that is crazy. and if you look at the recovery specifically from 2009 to 2012, you will notice that the top 1% saw their incomes grow by more than 30%, while the bottom 99% income barely moved at all, recouping less than.4%, while the bottom has hardly started to recover. at this associated press report, they say the richest americans earned more than 19% of the country s household total income last month, the biggest share since 1928. all this data paints a crystal clear picture of the rich getting richer, very much like the years we saw in the great
they can say how they really s feel. he just said w what carson said. let s listen to another piece of sound from dr. carson and this. you make $10 billion? you put in a billion. youi make $10, you put in one. some people say, well, that s not fair because it doesn t hurt the guy who made $10 billion as much as the guy who made 10. where does it say you have to hurt the guy? he just put a billion dollars is the pot. sounds like he s a free market kind of guy. again, how do we solve the problem? is it revenues? spending? clearly we ve spendingro proble. one of the ways to solve the whole thing go to t the fair ta. it s time to start really looking r at a national sales tx on everything that s sold and eliminate the income tax. of t. fair tax proposallists are around 23% of every sale. what it would do is get rid of the irs and get rid of incomers taxes and go straight to use tax. you want this? you pay the taxxe on it. flat tax makes more sense.
national debt. this is the problem with writing op-ed pieces, that people don t do what you tell them to do. not that you ve ever been there. i think part of the problem is that the economy is still very weak. and so there is a general understanding that taking a lot more tax revenue out of the economy, letting these things completely sunset, as peter suggested, with the economy still so fragile, it is more of a hit that we can take. so the notion is, let s go after the highest incomers in part to avoid the fiscal damage of that. you know, listening to our discussion, i feel even more that the elements of a deal are so apparent to everyone that this time it actually we actually might get across the goal line. boy, let s hope so. all right. david, before you go, we want to talk about another topic. and i m actually going to read from frank bruni s article in the new york times times yest.
treasury and let s put them up on the screen. exclusion of employer provided health insurance from taxable income. exclusion of employer provided tension from taxable income 163 billion. home mortgage deduction 100 billion. i understand this is not your committee weighs and means committee can you tell me any more of those four that you are willing to do away with? what i am saying is who would we do away with it for? we are saying the people who disproportionally used those they use almost all of the tax expenditures we would limit them for the higher incomers learners. deduction for health insurance and home mortgages? the people in the tax bracket take those away tax away the tax shelter subject all of the taxation you get more revenue.