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5 Facts about the Wealthiest 1 Percent

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Author Topic: 5 Facts about the Wealthiest 1 Percent  (Read 221 times)
Britany Lincicum
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« on: October 15, 2011, 07:20:16 pm »

FACT #4: Between 1979 and 2005, the average after-tax income for the top 1 percent increased by 176 percent, compared with an increase of only 6 percent for the bottom 20 percent. Between 1990 and 2005, the purchasing power of the federal minimum wage actually declined by 9.3 percent when adjusted for inflation.

This rapid widening in the income gap between the rich and poor was identified in a 2007 report by the Center on Budget and Policy Priorities. The report attributed the trend to tax policies that favor the wealthy. According to Domhoff, other contributing factors include the diminishing political clout of labor unions and decreased expenditure on social services. [Graph of widening income gap]
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