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December 2, 2008 11:21:16 AM CST

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Rich Getting Even Richer, Even Faster

Posted Dec 15, 07 4:17 PM CST in Arts & Living,  Business 

(Newser) – America’s economy is great, the New York Times says, if you’re already super rich. Between 2003 and 2005, America’s top 1% saw a meteoric 42.6% jump in income. The rest of us? Well, the middle fifth earned an extra 4.3%, and the bottom fifth just 1.3%—or $200 per household. “This is an economy that’s working, but not working for everyone,” said one economist.

The top 1% accounts for 27.6% of all taxes, up from 22.9% in 2003. The increase in income for that group alone—$525 billion—is about 40% greater than the total income of the bottom fifth of households—$383 billion, the Times notes.

Source New York Times

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US economy • wealth • ultra rich • income disparity


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