Top 1 Percent

October 27, 2011 by staff 

Top 1 PercentTop 1 Percent, Household income for the top 1 percent rose 275 percent from 1979 to 2007, well above any other medium, according to a report released Wednesday.

The inflation-adjusted after-tax household income for the rest of the top 20 percent grew 65 percent during that period, the Congressional Budget Office says that, as reported by UPI.

60 percent of the population in the middle of the income scale – the 80th percentile 21 – saw real average after-tax household income increased only 40 percent, reports UPI.

20 percent experienced an increase of 18 percent.

“The main reason for growing inequality in the distribution of income after tax was an increase in the concentration of market income (income measured before government transfers and taxes) for higher income households, ie , the share of these households’ income market was higher in 2007 than in 1979, “the summary of the CBO, as reported by UPI.” Specifically, during this period, the share of higher income quintile of the market income increased 50 percent to 60 percent …. The share of income for each quintile of others decreased.

“In fact, the most unequal income distribution market became almost continuously between 1979 and 2007, except during the recessions of 1990-1991 and 2001.”

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