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Average Income in 2006 Up $60,000 For Top 1 Percent of Households, Just $430 For Bottom 90 Percent
Publication Date: July 2008
Publisher(s): Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): Chad Stone; Chye-Ching Huang
Special Collection: John D. and Catherine T. MacArthur Foundation
Topic: Economics (Property and wealth)
Keywords: Income diversity; Household income; Financial projections
Type: Report
Abstract:
The shares of the nation’s income flowing to the top 1 percent and top 0.1 percent of households were higher in 2006 than in any year since 1928, according to an analysis of newly released IRS data by economists Thomas Piketty and Emmanuel Saez. Average pre-tax incomes in 2006 jumped by about $60,000 (5.8 percent) for the top 1 percent of households, but just $430 (1.4 percent) for the bottom 90 percent, after adjusting for inflation.