Friday, October 28, 2011
Congressional Budget Office
Submitted by: Editor
Congressional Budget Office
Submitted by: Editor
Top 1% Income On 30 Year Roll
That top 1 percent saw its income skyrocket by 275 percent over the past thirty years according to a new survey published by the Congressional Budget Office.
AFTER-TAX INCOME GREW MORE FOR HIGHEST-INCOME HOUSEHOLDS
The Congressional Budget Office found that after-tax income for the highest-income households grew more than it did for any other group. (After-tax income is income after federal taxes have been deducted and government transfers—which are payments to people through such programs as Social Security and Unemployment Insurance—have been added.)
CBO finds that, between 1979 and 2007, income grew by:
- 275 percent for the top 1 percent of households,
- 65 percent for the next 19 percent,
- Just under 40 percent for the next 60 percent, and
- 18 percent for the bottom 20 percent.
Read Full Congressional Budget Office Article
Posted by Editor on 10/28/11 at 10:50 AM •
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