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A value of zero indicates complete equality (for example, if each household received the same amount of income), and a value of one indicates complete inequality (for example, if a single household received all the income). Thus, a Gini coefficient that increases over time indicates rising income inequality."
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.
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 2022 study in PNAS found that earnings inequality in the United States did not increase over the preceding decade, marking the first reversal of rising earnings inequality since 1980. The reversal was due to a shrinking wage gap between low-wage workers and median-wage earners, which was due to broadly rising pay in low-wage professions.
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 ...
Income inequality has increased dramatically in the United States over recent decades, surpassing its previous peak in the 1920s. In 2016, the average income among the bottom 24.9 million ...
In 2008, the wealth gap in terms of percentage of total income in the United States between the top 1% and 5% was 7% and the gap between the top 1% and top 10% was 9%. This is an 11% reversal from the respective percentage shares of income held by these groups in 1963. Income inequality clearly accelerated beginning in the 1980s.
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 ...