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Average and median household income by age group. In 2007, the top 20% of the wealthiest Americans possessed 80% of all financial assets. [14] In 2007, the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%.
However, sociologists argue that all members of the upper class have great wealth and influence, and derive most of their income from assets rather than income. [4] In 1998, Bob Herbert of The New York Times referred to modern American plutocrats as "The Donor Class", referring to political donations.
During the same time period, the 60% of Americans in the middle of the income scale saw their income rise by 40%. From 1992 to 2007 the top 400 income earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%. [33] In 2009, the average income of the top 1% was $960,000 with a minimum income of $343,927. [34 ...
The top 1% now own more wealth than the bottom 90% – and the gap between the very rich and everyone else is growing wider every day. ... Vanguard and State Street) control assets of more than ...
Wealth inequality is more unequal than income inequality, with the top 1% households owning approximately 42% of the net worth in 2012, versus 24% in 1979. [215] According to a September 2017 report by the Federal Reserve, wealth inequality is at record highs; the top 1% controlled 38.6% of the country's wealth in 2016. [216]
However, the top 1% income fell from 2007 to 2016, due to both the Great Recession and tax hikes on upper incomes during the Obama Administration. [2] [36] Share of U.S. income earned by top 1% households in 1979 (blue), 2007 (orange), and 2016 (green) (CBO data). The first date 1979 reflects the more egalitarian pre-1980 period, 2007 was the ...
In recent years, the number and percentage of Americans who pay no federal income tax has increased. According to a 2007 report by the Statistics of Income division of the Internal Revenue Service, [8] in 2006 the Internal Revenue Service received 134,372,678 individual income tax returns, of which 90,593,081 (67.42%) showed that they paid or owed federal income tax for 2005.
Top tax rates were increased in 1992 and 1994, culminating in a 39.6% top individual rate applicable to all classes of income. Top individual tax rates were lowered in 2004 to 35% and tax rates on dividends and capital gains lowered to 15%, though these changes were enacted to expire with the end of the year 2010 to avoid the Byrd Rule for ...