The latest EPI Snapshot presents yet more data points on the trend in rising inequality. Lawrence Marshall and Jared Bernstein describe two notable measures of inequality growth: (1) The share of corporate income going to the owners of capital The most recent data (third quarter of 2006) reveal that owners of capital received 23.0% of all corporate income, the highest share since 1966. That means that the compensation of employees was at the lowest share in over 25 years. and (2) the share of capital income going to the top 1% of the income scale

S. 1 (text), the Senate ethics and lobbying bill (now in its second week on the floor), lies in a state of legislative limbo following the failure of a cloture vote, 51-46, late last night. Because S. 1 contains Senate rules changes, a two-thirds vote is required for cloture, rather than the usual 60 votes.

This afternoon, the Senate Finance Committee approved by voice vote the $8.3 billion "Small Business and Work Opportunity Act of 2007," co-sponsored by Committee chair Max Baucus (D-MT) and ranking member Charles Grassley (R-IA). The bill provides an array of tax breaks, mostly geared toward small business, and is basically offset with provisions that are principally aimed at corporations and wealthy individuals. (See JCT scoring for details).

Via TAPPED, the Washington Post reports today on budget choices at NASA. Money is being shifted out of programs that monitor climate change and hurricanes and into space exploration. The government's ability to understand and predict hurricanes, drought and climate changes of all kinds is in danger because of deep cuts facing many Earth satellite programs and major delays in launching some of its most important new instruments, a panel of experts has concluded.