So much wrong with this I'm not sure where to start. Baby boomers were born in the 50s so lets say 1970 ish is when they got out of school to work. Minimum wage $1.45, minimum wage today 500% higher (or more in many states). Minimum wage is a terrible comparison tool because its meant for the lowest end jobs that usually have high turnover, if you get any sort of raise at all, you aren't making minimum wage anymore and can't really use it as a basis for anything. 1 person making 1.45 an hour could definitely not support a family of 5 back then. I'll agree that it was much easier for 1 person to make the income for a household than it is today, but bare minimum wage wouldnt cut it. Lumping all baby boomers together to accuse them of things like Enron would be as bad as lumping all younger people together to blame them for school shootings. Its an extremely small number of people that did it and the rest of em had absolutely nothing to do with it so why lump em together?
There have always been the "super rich" throughout pretty much all of history. In recentish time, Carnegie and Rockefeller were both many times richer than Bill Gates if you adjust for inflation. Back in Europe the Royalty was always much richer than the common peasants. Over in Egypt Pharaohs were immensely richer than the common people and its the same all throughout history. Income disparity is by no means new. As to the rich hardly paying any taxes and the poor paying the majority. I literally spit coffee on my desk reading that. The top 1%ers pay over 36% of the federal income taxes. go up to the top 5% earners and it shoots up to over 58%. Top 10% earners and its over 70%. Bring it up to 50%, which means every single person making median income or better, and its 97.75% of federal income taxes. That means HALF, let me repeat that HALF of the population is contributing 2.25% of federal income taxes. Another sad fact, the bottom 90% of the population (this means every poor, middle,
poor, middle, and many "upper" class people) don't even account for 30% of income taxes. 9 out of 10 people don't even contribute to 1/3 of the taxes.
But you are totally right, the poor pay the majority of taxes, those dam richies don't contribute at all /sarcasm
But you are totally right, the poor pay the majority of taxes, those dam richies don't contribute at all /sarcasm