CNNMoney's story about how the top 10% of taxpayers paid 70% of the nation's federal income taxes, even though they received just 45% of the income, took off like wildfire in the social media world.
Nearly 4,000 people commented on the piece. It also generated tons of tweets and was recommended more than 8,000 times on Facebook . Some people liked it:
And we got some backhanded compliments:
But most of the comments were negative. The nastiest stuff tended to come by email.
"I can't believe you try to drum this nonsense into our heads" one reader wrote. "This article is nothing but trash coming from someone that hasn't a clue."
"You should be ashamed of yourself for putting that abject lie in the top of your article," wrote another. "I demand an apology and a retraction."
An apology or retraction will not be forthcoming -- the facts were correct. But many readers raised a valid point: We did not include the amount of wealth held by the top 10% of taxpayers.
Fair enough, so here goes: "The share of wealth held by the top 10% of wealth owners grew from 67.2% in 1989 to 74.5% in 2010," The Congressional Research Service wrote in a report last year. "Declines occurred in the remaining 90% of households."
Now wealth is not the same as income -- it includes things like value of stocks and real estate. And the wealthiest 10% are not necessarily the same as the top 10% of taxpayers. But chances are there's a lot of overlap.
So Cheney Watch could be forgiven for wanting to keep its pitchfork.
Think you know how wealth is distributed in America? Think again.
A YouTube video that's gone viral recently shows that our perceptions of who has money and how much they have is quite skewed. The poor and middle class have a lot less than most people think, while the rich have a lot more. And the Top 1% are off the charts.
The video, which has been viewed more than 3.8 million MORETami Luhby - Mar 8, 2013 8:06 AM ET
The decline of union membership has been a key driver of income inequality in recent decades, a new report found.
The drop in unionization accounts for roughly a third of the growth in wage inequality among men and a fifth among women between 1973 and 2007, according to the left-leaning Economic Policy Institute.
The share of the workforce represented by unions declined from 26.7% in 1973 to 13.1% in 2011. This contributed MORETami Luhby - Aug 30, 2012 9:22 AM ET
More and more Americans are living in neighborhoods surrounded by people who earn about as much as them ... whether they are rich or poor.
Segregation by income is growing, according to a Pew Research Center analysis released Wednesday.
Some 28% of low-income households lived in low-income neighborhoods in 2010, up from 23% three decades earlier. And the number of upper-income households living in upper-income neighborhoods doubled to 18% over that period.
Pew MORETami Luhby - Aug 1, 2012 12:01 PM ET
The United States should aim to fix its income inequality problem by improving education for disadvantaged students and raising taxes on the wealthy, according to a new report from a consortium of developed countries.
The report pointed out that the U.S. has among the highest income inequality and relative poverty among the 34 countries that make up the Organization for Economic Cooperation and Development.
"The US education system is less effective than MORETami Luhby - Jun 27, 2012 4:50 PM ET
Sure, the wealthy earn more money...but they work a lot harder for it.
So says a new study that found that while the income gap between the rich and poor has grown since the 1980s, the leisure divide has widened too.
Highly educated men, who generally have higher incomes, had only 33.2 hours of leisure time a week by 2007, down 1.2 hours from 1985, according to the three National Bureau of Economic MORETami Luhby - May 2, 2012 9:23 AM ET
The poor are finding it even tougher to escape from the lowest income ranks these days.
Most of those in the poorest income quintile spent all or nearly all of the period between 1996 and 2006 stuck in place, according to a new report issued by the Federal Reserve Bank of Boston. Those who did advance didn't move far.
The research, conducted by senior economist Katharine Bradbury, shows that economic mobility has MORETami Luhby - Apr 26, 2012 6:00 AM ET
After being accused of being "out of touch" by his leading Republican rival last week, President Obama trotted out his "middle class experiences" for journalists.
The president said he went through much of college and law school on scholarship, as did his wife, Michelle. Still, they had to take out student loans that they were paying off nine years later. (The couple had $125,000 in debt when they graduated Harvard Law MORETami Luhby - Apr 9, 2012 6:00 AM ET
The collapse of the housing bubble has further widened the home ownership inequality gap.
Black households, as well as the poorest households and those headed by high school dropouts, did not benefit much from the housing boom, but got hit hard by the subsequent bust, a new analysis of Census data by Fordham University Professor Emily Rosenbaum has found.
During the 1990s, blacks and Hispanics made gains that narrowed the home ownership MORETami Luhby - Mar 22, 2012 10:58 AM ET
The 2012 Republican primary contest has been defined by a series of roller-coaster lead changes. At various points, 11 different contenders have led national polls.
But one demographic group -- the wealthy -- seems to have settled on a candidate.
And their man is Mitt Romney.
On Tuesday, Romney lost to Rick Santorum in both Alabama and Mississippi. But among individuals making more than $100,000, he received more votes than his competitors.
In Alabama, MORECharles Riley - Mar 14, 2012 12:20 PM ET
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