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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.
Capital gains are excluded for purely practical reasons. The Census doesn't ask about them, so they can't be included in inequality statistics. Obviously, the rich earn much more from investments than the poor. As a result, real levels of income inequality in America are much higher than the official Census Bureau figures would suggest.
According to the Peter G. Petersen Foundation, the top 20% of wealthiest households in America have seen their income rise 165% from 1981 to 2021, while the middle and lowest quintiles have seen ...
He finds that from 1948 to 2005, pre-tax real income growth for the bottom 20% grew by 1.42% while pre-tax real income growth for the top 20% grew by 2%. Under the Democratic administrations in this time period, (Truman, Kennedy, Johnson, Carter, and Clinton) the pre-tax real income growth rate for the bottom 20% was 2.64% while the pre-tax ...
In addition, the report found that real median household income was $70,784 in 2021, which is not statistically different from the 2020 estimate of $71,186, “and 2.8% lower than the 2019 median ...
Citing a myriad of causes -- from cheap credit to exploitative bank practices-- they've noted that the average family puts away less than 4 percent of its income. "Wealth Inequality in America," a ...
[38] [39] More recently, the so-called "Rajan hypothesis" [40] posited that income inequality was at the basis of the explosion of the 2008 financial crisis. [41] The reason is that rising inequality caused people on low and middle incomes, particularly in the US, to increase their debt to keep up their consumption levels with that of richer ...
Kelly considers hers a “good income” but isn’t sure why Ramsey wouldn’t agree and is wondering if she needs to get another job. “Good income is relative to the average household income ...