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One 2013 study indicated that US market income inequality was comparable to other developed countries, but was the highest among 22 developed countries after taxes and transfers. This implies that public policy choices, rather than market factors, drive U.S. income inequality disparities relative to other developed nations. [209] [210]
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.
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 ...
Post-tax income also increased, albeit by a slightly smaller margin. The real median post-tax household income jumped 3.7% from $66,800 in 2022 to $69,240 in 2023. The good news is that household ...
Income Inequality in America. To put all this into perspective: • The top 1% of earners comprise more than 26% of the nation's total income. • Meanwhile, the bottom 50% – half the country ...
A 2011 Congressional Research Service report stated, "Changes in capital gains and dividends were the largest contributor to the increase in the overall income inequality. Taxes were less progressive in 2006 than in 1996, and consequently, tax policy also contributed to the increase in income inequality between 1996 and 2006.
Much of the reason that economic inequality is so stark in modern America is wage stagnation. The federal minimum wage has been $7.25 an hour since 2009, the longest Congress has ever let it erode ...
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).