Top One Percent Nearly Triple Income, CBO Study Shows
THE ONE PERCENT
Things are looking pretty good for the richest 1 percent of Americans. A new report by the Congressional Budget Office reveals that their after-tax income increased 275 percent in the past 30 years, compared with a 65 percent increase for the top 20 percent and an 18 percent growth in income for the poorest fifth of the population. The report, based on data from the IRS and the U.S. Census Bureau, blames the widening income gap on the decline in government action to redistribute wealth and an unprecedented increase in executive compensation.