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In economics, income distribution covers how a country's total GDP is distributed amongst its population. [1] Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world. [2] [3]
In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital). [1] In general theory and in for example the U.S. National Income and Product Accounts , each unit of output corresponds to a unit of income.
Median U.S. household income per County in 2021 Median U.S. household income through 2019 U.S. real median household income reached $63,688 in January 2019, an increase of $171 or 0.3% over one month over that of December 2018. This article is part of a series on Income in the United States of America Topics Household Personal Affluence Social class Income inequality gender pay gap racial pay ...
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 ratios include the pre-tax national income share held by top 10% of the population and the ratio of the upper bound value of the ninth decile (i.e. the 10% of people with highest income) to that of the upper bound value of the first decile (the ratio of the average income of the richest 10% to the poorest 10%).
In economics, the consumption distribution or consumption inequality is an alternative to the income distribution or wealth distribution for judging economic inequality, comparing levels of consumption rather than income or wealth. [51] This is an important measure of inequality as the basic utility of the wealth or income is the expenditure. [52]
Considering that the median household income in the U.S. was $80,610 in 2023, that’s a huge chunk of a family’s annual income. Raising a child until the age of 18 averages $413,810, according ...
[27]: 2 CBO found income distribution over a multi-year period "modestly" more equal than annual income, [27]: 4 confirming earlier studies. [263] According to Noah, adjusting for demographic factors such as increasing age and smaller households, indicates that income inequality is less extreme but growing faster than without the adjustment.