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Thursday, July 31, 2008

CB&PP: Income Concentration at Highest Level Since 1928

The Center on Budget and Policy Priorities has released Average Income in 2006 Up $60,000 For Top 1% of Households, Just $430 For Bottom 90%; Income Concentration at Highest Level Since 1928, by Chye-Ching Huang & Chad Stone:

The shares of the nation's income flowing to the top 1% and top 0.1% of households were higher in 2006 than in any year since 1928, according to an analysis of newly released IRS data by economists Thomas Piketty and Emmanuel Saez. Average pre-tax incomes in 2006 jumped by about $60,000 (5.8%) for the top 1% of households, but just $430 (1.4%) for the bottom 90%, after adjusting for inflation.

Figure_1

http://taxprof.typepad.com/taxprof_blog/2008/07/cbpp-income-con.html

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Comments

It will be interesting to see the '08 data, when the housing bubble won't be distorting the data.

Posted by: Dellis | Jul 31, 2008 6:53:35 AM