The litany of well-founded complaints about the latest tax legislation seems endless. More complications for a tax code both parties profess to want to simplify. New frontiers in using gimmickry to hide the legislation's true cost. Questionable usefulness in sparking our economy. And another enormous hit to our horrifying long-term fiscal outlook.
Add to this list one more pernicious aspect of the U.S. economy now made worse: the huge gap in income among Americans, the widest of any major country and not getting noticeably better.
According to a Federal Reserve study this year, pretax family incomes of the top 10 percent grew by 19.3 percent between 1998 and 2001 after inflation, compared with 11.9 percent for the rest of Americans. Last fall the Census Bureau found that by any of five sophisticated measures, the gap in incomes has continued to widen.
Most discussions of income …
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