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As of 2022, only 48% of renters owned any asset that might gain in value, such as retirement accounts, business equity, stocks and bonds, or other real estate not including their primary residence.
Buildings in Rio de Janeiro, demonstrating economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [1] a lower population-wide satisfaction and happiness [2] [3] and even a lower level of economic growth when human capital is neglected for high-end consumption. [4]
The S&P report concluded that diverging income inequality had slowed the recovery and could contribute to future boom-and-bust cycles given increasing personal debt levels. Higher levels of income inequality increase political pressures, discouraging trade, investment, hiring, and social mobility. [109]
The percentage share of total income owned by the top 1% fell to 16% during the post-9/11 recession but then re-rose to its 1998 level by 2008. In 2008, the wealth gap in terms of percentage of total income in the United States between the top 1% and 5% was 7% and the gap between the top 1% and top 10% was 9%.
"These gaps didn’t spring up by accident. There were explicit policy choices in the past, like redlining and exclusion from investment,” said one economist.
According to the Institute on Assets and Social Policy, for each dollar of increase in average income an African American household saw from 1984 to 2009 just $0.69 in additional wealth was generated, compared with the same dollar in increased income creating an additional $5.19 in wealth for a similarly situated white household. [93]
“We always hope at Berkshire to pay substantial federal income taxes,” he said at the company’s annual meeting. Don't miss Commercial real estate has beaten the stock market for 25 years ...
Share of income tax paid by level of income. The top 2.7% of taxpayers (those with income over $250,000) paid 51.6% of the federal income taxes in 2014. [88] A key factor in income inequality/equality is the effective rate at which income is taxed coupled with the progressivity of the tax system.