Your neighbor may be part of the 1% moneyed-tier
Over time, the Top 1% has claimed a bigger share of the income pie. In 2007, they earned 22.8% of the nation’s income, more than double the amount in 1986, according to IRS data. The recession has since brought that slice down to just under 17% for 2009.
“The higher up the income distribution you go, the more your income rose and the larger the share of total income gains went to your group,” said Roberton Williams, a senior fellow at the nonpartisan Tax Policy Center.
But as corporate profits and productivity have increased, workers aren’t reaping the benefits, said Edward Wolff, a New York University economics professor who specializes in income inequality. That’s helping spark the movement, which has spread across the country.
“There is a lot of anger and it’s for a very good reason,” Wolff said. “If all of the income gain goes to the top, there’s not much left to go to the rest of the people.”
- Who are the 1 percent? (money.cnn.com)
- Who Rules America: Wealth, Income, and Power (entrprizsolupdates.wordpress.com)
- Study: Cain tax plan raises taxes on 84 percent (seattletimes.nwsource.com)
Posted on October 20, 2011, in Homme depot and tagged Economic, Economic inequality, Edward Wolff, Internal Revenue Service, middle class, New York University, United States. Bookmark the permalink. Leave a comment.