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The study found the decline in progressivity since 1960 was due to the shift from allocation of corporate income taxes among labor and capital to the effects of the individual income tax. [106] [108] Paul Krugman also supports this claim saying, "The overall tax rate on these high income families fell from 36.5% in 1980 to 26.7% in 1989." [109]
Various methods measure income inequality. Different sources prefer Gini coefficients or ratio of percentiles, etc. Census Bureau studies on household [244] and individual income [245] show lower levels [246] than some other sources, [247] but do not break out the highest-income households (99%+) where most change has occurred. [127] [27]: 6 ...
The CPS is the source of the official national estimates of poverty and the most widely cited source of annual household income estimates for the United States. [8] The CPS measure of money income is defined as the total pre-tax cash income received by people on a regular basis, excluding certain lump-sum payments and excluding capital gains.
In 2010, American Samoa had a per capita income of $6,311. [71] The county or county-equivalent with the lowest per capita income in the United States is the Manu'a District in American Samoa (per capita income of $5,441). [72] In 2018, Puerto Rico had the lowest median household income of any state/territory in the United States ($20,166).
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
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Average and median household income by age group. In 2007, the top 20% of the wealthiest Americans possessed 80% of all financial assets. [14] In 2007, the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%.
Many in America’s top 10% still feel ‘very poor’ but billionaire Warren Buffett says most folks ‘live better than John D Rockefeller' — 3 tips to create real wealth with the income you have