Gap between Very Rich and Other Americans Greatest Since 1928

Wednesday, July 14, 2010

The wealth disparity between America’s richest and the poor and middle class more than tripled from 1979 to 2007, based on data that the Center on Budget and Policy Priorities examined from the Congressional Budget Office.

The information led the research organization to conclude that income concentration among the top 1% of taxpayers was greater today than at any time since 1928.
It was also reported that over the 28 years of study, “average after-tax incomes for the top 1 percent rose by 281 percent after adjusting for inflation — an increase in income of $973,100 per household — compared to increases of 25 percent ($11,200 per household) for the middle fifth of households and 16 percent ($2,400 per household) for the bottom fifth.”
-Noel Brinkerhoff
Income Gaps Between Very Rich and Everyone Else More Than Tripled in Last Three Decades, New Data Show (by Arloc Sherman and Chad Stone, Center on Budget and Policy Priorities)
Rich-Poor Income Gap Widens (by Noel Brinkerhoff, AllGov)


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