Carpe Diem

Quotation of the day on equality of income

From Steve Moore’s book “Who’s the Fairest of Them All? The Truth about Opportunity, Taxes, and Wealth in America” (via today’s The Gartman Letter):

“If equality of income is the priority, liberals should be thrilled by the last four years. The
recession and weak recovery have been income levelers. Those who make more than
$200,000 captured one quarter of the $7.6 trillion in total income in 2009. In 2007, the
over $200.000 crowd had one third of reported U.S. taxable income. Those with incomes above $1 million earned 9.5% of total income in 2009, down from 16.1 per cent in 2007. So we have created a more equal society. Everyone is poorer.”

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