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It projected that over the next decade, China might add more consumption than any other country and was expected to generate more than one-quarter of all global consumption growth. [ 21 ] In 2022, under the influence of the COVID pandemic and the global economic slowdown, Chinese consumers in 2022 grew more cautious in spending and strengthened ...
Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.5% annual pace last quarter, up from 2.8% in the April-June period and fastest growth since the fourth ...
According to a 2007 study by the US Treasury Department, Americans concerned over the recent growth in inequality (after-tax income of the top 1% earners has grown by 176% percent from 1979 to 2007 while it grew only 9% for the lowest 20% [4]) can be reassured by the healthy income mobility in America: "There was considerable income mobility of ...
In 2013, CBO estimated that more than half of the combined benefits of 10 major tax expenditures would apply to households in the top 20% income group, and that 17% of the benefit would go to the top 1% households. The top 20% of income earners pay about 70% of federal income taxes, excluding payroll taxes. [10]
DINKs earn more, spend less. Digging into the data, Rocket Mortgage noted that dual-income families with kids bring in an average income of $129,000. That’s $9,000 less, on average, than the ...
The United States has the highest level of income inequality in the Western world, according to a 2018 study by the United Nations Special Rapporteur on extreme poverty and human rights. The United States has forty million people living in poverty, and more than half of these people live in "extreme" or "absolute" poverty.
Federal taxes also reduce income inequality, because the taxes paid by higher-income households are larger relative to their before-tax income than are the taxes paid by lower-income households. The equalizing effects of government transfers were significantly larger than the equalizing effects of federal taxes from 1979 to 2011.
DINKs earn an average salary of $138,000/year — nearly 7% more than dual-income couples with kids — but are way less likely to own a home.