TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Saturday, December 15, 2007

NY Times: Rich Are Getting Richer Faster, Much Faster

From today's New York Times:  Report Says That the Rich Are Getting Richer Faster, Much Faster, by David Cay Johnston [click on chart to enlarge]:

Ny_times_income_inequalityThe increase in incomes of the top 1% of Americans from 2003 to 2005 exceeded the total income of the poorest 20% of Americans, data in a new report [blogged here on Thursday] by the Congressional Budget Office shows. The poorest fifth of households had total income of $383.4 billion in 2005, while just the increase in income for the top 1% came to $524.8 billion, a figure 37% higher. The total income of the top 1.1 million households was $1.8 trillion, or 18.1% of the total income of all Americans, up from 14.3% of all income in 2003. The total 2005 income of the three million individual Americans at the top was roughly equal to that of the bottom 166 million Americans, analysis of the report showed. The report is the latest to document the growing concentration of income at the top, a trend that President Bush said last January had been under way for more than 25 years.

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