Congressional Budget Office Says The Rich Have, Indeed, Gotten Richer – Taking An Ever Larger Share of National Income and Wealth

Here are some of the results of this study, as reported in the New York Times:

¶ The share of after-tax household income for the top 1 percent of the population more than doubled, climbing to 17 percent in 2007 from nearly 8 percent in 1979.

¶ The most affluent fifth of the population received 53 percent of after-tax household income in 2007, up from 43 percent in 1979. In other words, the after-tax income of the most affluent fifth exceeded the income of the other four-fifths of the population.

¶ People in the lowest fifth of the population received about 5 percent of after-tax household income in 2007, down from 7 percent in 1979.

¶ People in the middle three-fifths of the population saw their shares of after-tax income decline by 2 to 3 percentage points from 1979 to 2007.

The graph on the front of the report says a lot. I reproduce it here:

Published in: on October 25, 2011 at 11:54 pm  Leave a Comment  

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