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CBO: Income Of The Top 1 Percent Exploded Over The Last Three Decades

Wednesday, 26 October 2011 04:53 By Pat Garofalo, Think Progress | Report
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The Congressional Budget Office today released a new report on the growth in income that’s occurred in the U.S. over the last three decades. CBO found that, “for the 1 percent of the population with the highest income, average real after-tax household income grew by 275 percent between 1979 and 2007,” while it grew by just 18 percent for the bottom 20 percent of the income scale. “As a result of that uneven income growth, the distribution of after-tax household income in the United States was substantially more unequal in 2007 than in 1979,” CBO said.


Pat Garofalo

Pat Garofalo is Economic Policy Editor for and The Progress Report at American Progress.

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