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
Rich Getting Even Richer, Even Faster

(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. (Read more ultra rich stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.