Rich Getting Even Richer, Even Faster

Gap between super wealthy and rest of US grows even bigger

By Kevin Spak, Newser Staff

Posted Dec 15, 2007 4:17 PM CST

(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.

(Shutterstock)

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Millionaires Have 39% of the World’s Money

Less than 1% of the world's population controls almost half of the money

Welcome to Our Post-Materialist World

David Brooks: We're getting happier, but not wealthier

For the Rich, Sleep a Status Symbol

Young heirs feel no need to look busy

Middle Class Morphs Into 'New Poor'

Ever more Americans heading downward

With Health Bill, Obama Ends the 'Age of Reagan'

Marks biggest assault on wealth inequality since the '80s

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Gap between super wealthy and rest of US grows even bigger

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OTHER STORIES ON OUR RADAR

ultra rich • wealth • US economy • income disparity

MOST POPULAR STORIES

[ By Views ]

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More Newser Stories

Millionaires Have 39% of the World’s Money

Less than 1% of the world's population controls almost half of the money

Welcome to Our Post-Materialist World

David Brooks: We're getting happier, but not wealthier

For the Rich, Sleep a Status Symbol

Young heirs feel no need to look busy

Middle Class Morphs Into 'New Poor'

Ever more Americans heading downward

With Health Bill, Obama Ends the 'Age of Reagan'

Marks biggest assault on wealth inequality since the '80s

About Us

Site

Newser By Users

Community

Site Maps

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More News

What is Newser?