WASHINGTON, DC, September 27, 2012 Republican strength in Congress increases the share of income held by the top 1 percent, but the president's political affiliation has no effect, suggests a new study in the October issue of the American Sociological R Full Story »
Posted by Jack Powers
The study also found that the effect of a percentage point decrease in capital gains and income taxes was similar in magnitude to the effect of a percentage point increase in the share of seats held by Republicans in Congress. Additionally, based on the estimated 2008 national income, a 100 point increase in the (inflation adjusted) Standard & Poor’s 500 composite stock market index over the previous year would transfer about $39.6 billion to the top 1 percent and a 10 point (inflation adjusted) increase in Robert Shiller’s real historical home price index would shift $34.1 billion to the top 1 percent, Volscho said.
