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While pre-tax income is the primary driver of income inequality, the less progressive tax code further increased the share of after-tax income going to the highest income groups. For example, had these tax changes not occurred, the after-tax income share of the top 0.1% would have been approximately 4.5% in 2000 instead of the 7.3% actual figure.
Income inequality has fluctuated considerably since measurements began around 1915, declining between peaks in the 1920s and 2007 (CBO data [2]) or 2012 (Piketty, Saez, Zucman data [15]). Inequality steadily increased from around 1979 to 2007, with a small reduction through 2016, [2] [16] [17] followed by an increase from 2016 to 2018. [18]
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
This Seattle suburb saw the largest income decline nationwide. Marysville, WA saw the median household income drop from $104,433 in 2022 to $85,708 in 2023—a 17.93% decrease over just one year.
Justin Sullivan/Getty ImagesFederal Reserve Chair Janet Yellen By Michael Flaherty WASHINGTON -- More research is needed to understand what policies allow people to move up the economic ladder and ...
The pandemic induced a significant economic toll on Americans, per a recent report, which indicated income inequality increased by 1.2% — as measured by the so-called Gini index — between 2020 ...
The concept of inequality is distinct from that of poverty [5] and fairness. Income inequality metrics (or income distribution metrics) are used by social scientists to measure the distribution of income, and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general.
Over the past three decades in the U.S., income from labor (wages, salaries, pensions, etc.) has been declining even as capital income (interest, dividends, investment returns, etc.) accounts for ...