It Really IS About the 1%

A new report out from the nonpartisan Congressional Budget Office shows the really stunning rise in income inequality over the past 30 years. Seems like the folks Occupying our cities may be on to something:

From the report:
  • For the 1 percent of the population with the highest income, average real after-tax household income grew by 275 percent between 1979 and 2007 (see Summary Figure 1).
  • For others in the 20 percent of the population with the highest income (those in the 81st through 99th percentiles), average real after-tax household income grew by 65 percent over that period, much faster than it did for the remaining 80 percent of the population, but not nearly as fast as for the top 1 percent.
  • For the 60 percent of the population in the middle of the income scale (the 21st through 80th percentiles), the growth in average real after-tax household income was just under 40 percent.
  • For the 20 percent of the population with the lowest income, average real after-tax household income was about 18 percent higher in 2007 than it had been in 1979.
Looking at the SHARE of income, the picture is even more stark. Income share is rushing from the bottom 80% right to the top 20% — and, in particular, the top 1%:

One Response to “It Really IS About the 1%”

  1. avatar

    Goes to prove that taxes didn't hurt the top 1%. They didn't create any jobs either.

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