Wednesday, October 26, 2011

America's 1% and income share 1979 to 2007

The Occupy Wall Street group call themselves the 99% and the Congressional Budget Office issued a report on Wednesday which supports their position on the big slice of income being taken by the 1%.

The nonpartisan agency said in a report that after-tax income on average grew by 62% during the 30-year period. But that growth wasn’t even.

The wealthiest 1% of Americans saw their incomes skyrocket by 275% during that stretch, while after-tax income for the one-fifth of households with the lowest income grew by just 18% from 1979 to 2007.