Income of Top 1% Has Grown 100 Times Faster Than Bottom 50% Since 1970.
“Stunning” findings from UC Berkeley economist Gabriel Zucman, showing how both an explosion in annual earnings by the rich and an increasingly regressive tax structure have combined to allow the top 1% of Americans’ wealth to triple over the past five decades. Meanwhile, working people are taking home just $8,000 more per year than they did in 1970.
New data:
For top 1%, average income has risen by $800,000 since 1970.
For top 0.1%, it has risen by $4 million.
For top .01%, it has risen $20 million.
Bottom 50%? $8,000.
All this is *after taxes and transfers.*
— source commondreams.org | Dec 09, 2019