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In a study from the National Center for Education Statistics (NCES), outside school, parental involvement grows exponentially as the household income grows. It shows that parents making $100,000 a year or more had a 75% chance of telling their child a story, whereas a family making $20,000 is had only a 60% probability of the same. [ 51 ]
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.
Low-income families now must pay more to attend college, making it harder for them to attain higher education. In 1980, low-income families used 13% of their income to pay for one year of college. In 2000, this proportion grew to 25 percent of their income, while high-income families used less than 5% of their income. [ 16 ]
According to the Federal Reserve, this represents one of the largest three-year rises in inequality in recent US history. If your annual salary is around the median, or about $70,000, the cards ...
Real median income also varied by age groups, with median income for household members aged 65 and over being hit the hardest — declining 2.6% between 2020 and 2021, according to the report.
CBO income statistics show the growing importance of these items. In 1980, in-kind benefits and employer and government spending on health insurance accounted for just 6% of the after-tax incomes of households in the middle one-fifth of the distribution.
A report released today by the Economic Cooperation and Development shows that among 30 of the world's nations, the United States has the highest rate of "income inequality." This is, of course ...
Illustration from a 1916 advertisement for a vocational school in the back of a US magazine. Education has been seen as a key to socioeconomic mobility, and the advertisement appealed to Americans' belief in the possibility of self-betterment as well as threatening the consequences of downward mobility in the great income inequality existing during the Industrial Revolution.