The richest 1 percent of Americans have been getting far richer over the past three decades, while the middle class and poor have seen their after-tax household income doing nothing more than crawling up by comparison, according to a government study.
Average after-tax income for the top 1 percent of US households almost quadrupled, up 275 percent, from 1979 to 2007, the Congressional Budget Office (CBO) found. For people in the middle of the economic scale, after-tax income grew by just 40 percent. Those at the bottom experienced an 18 percent increase.
“The distribution of after-tax income in the United States was substantially more unequal in 2007 than in 1979,” CBO Director Doug Elmendorf said in a blog post. “The share of income accruing to higher-income households increased, whereas the share accruing to other households declined.”
The top 1 percent made US$165,000 or more in 1979; that jumped to US$347,000 in 2007, the study said. The income for the top fifth started at US$51,289 in 1979 and rose to US$70,578 in 2007. On the other end of the spectrum, those in the 20th percentile went from US$12,823 in 1979 to US$14,851 in 2007.
The report, based on data from the Internal Revenue Service tax collection agency and the Census Bureau, comes as the Occupy Wall Street movement protests corporate bailouts and the gap between the haves and have-nots. Demonstrators call themselves “the 99 percent.”
The report also found:
‧ The top 1 percent reaped a 17 percent share of all income, up from 8 percent in 1979.
‧ The bottom 20 percent reaped just 5 percent of after-tax income, versus 7 percent in 1979.
Henry Tong (湯偉雄) and Elaine To (杜依蘭) were preparing to spend their first wedding anniversary in separate prison cells until their acquittal for rioting during Hong Kong’s pro-democracy protests. There were gasps and tears of relief in court on Friday last week as a judge declared prosecutors had failed to prove that the couple took part in clashes with police in July last year. The pair walked free in a ruling that has potential consequences for hundreds of other protesters facing similar charges. However, they have a long journey ahead as they try to rebuild their lives and business. “We have already been punished,”
WARNINGS OVER COMPLACENCY: The curves of new infections in numerous countries is climbing, while others see the the first new infections in months Spikes in COVID-19 infections in Asia have dispelled any notion that the region might be over the worst, with Australia and India yesterday reporting record daily infections, Vietnam fretting over a new surge and North Korea urging vigilance. Asian nations had largely prided themselves on rapidly containing initial outbreaks after the coronavirus emerged in central China late last year, but flare-ups this month have shown the danger of complacency. “We’ve got to be careful not to slip into some idea that there’s some golden immunity that Australia has in relation to this virus,” Australian Prime Minister Scott Morrison told reporters. Australia recorded its
‘COVIDIOTS’: Politicians condemned the protest that came amid surging infections in the country, while a marcher said government-induced fear weakened the body Loudly chanting their opposition to masks and vaccines, thousands of people on Saturday gathered in Berlin to protest against COVID-19 restrictions before being dispersed by police. Police put turnout at about 20,000 — well below the 500,000 organizers had announced as they urged a “day of freedom” from months of virus curbs. Despite Germany’s comparatively low toll, authorities are concerned at a rise in infections over the past few weeks and politicians took to social media to criticize the rally as irresponsible. “We are the second wave,” shouted the crowd, a mixture of hard left and right and conspiracy theorists, as they converged
The Australian government yesterday said that it plans to give Google and Facebook three months to negotiate with media businesses fair pay for news content. In releasing a draft of a mandatory code of conduct, Canberra aims to succeed where other nations have failed in making tech firms pay for news siphoned from commercial media companies. Australian Treasurer Josh Frydenberg said that Google and Facebook would be the first platforms targeted by the proposed legislation, but others could follow. “It’s about a fair go for Australian news media businesses, it’s about ensuring that we have increased competition, increased consumer protection and a sustainable