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Income inequality rose from 1913 to peaks in 1926 (1928 Gini 48.9, 1936 Gini 45.5) and 1941 (Gini 43.1), after which war-time measures of the Roosevelt administration began to equalize the income distribution. [20] Social Security was enacted in 1935.
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.
A measure of income inequality: the top decile share in the US national income, 1910–2010. [1] Piketty argues that Kuznets mistook the 1930-1950 decrease in inequality for the endpoint of its development. Since 1950, inequality has again reached pre-WW II levels. Similar trends are visible in European countries. [2]
From 2019 to 2022, the median net worth of U.S. families grew 37% to $192,900, after inflation, the largest rise in the history of the survey. Wealth rose at all income levels.
In the framework of American federalism, states generally have wide latitude to enact policies within their borders, including state taxation and labor laws.Among the factors that may increase inequality in a state are regressive state tax policies [2] (taxation has played a growing role in diminishing inequality since the 1980s), [3] tax incentives for large companies, [4] corruption, [5 ...
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 ...
For the median American family, this gap is $39,000 per year (just over $100 per day): if the economic growth during this period had been broadly shared as it was ...
Between 1947 and 1973, the typical family‟s income roughly doubled. But since 1973 median family income has slowed, increasing by about 20 percent. (‘Trends’ Table 1) While economic growth has slowed, income inequality has increased. As a result, an individual family‟s fortunes