Report: Income of Wealthiest Tripled Over Past 30 Years, Far Outpacing Middle Class Growth
The wealthiest Americans saw their income nearly triple in the three decades to 2007, substantially more than all other segments of the population, the Congressional Budget Office said Tuesday.
The nonpartisan agency said in a report that after-tax income on average grew by 62% during the 30-year period. But that growth wasn't even. The wealthiest 1% of Americans saw their incomes skyrocket by 275% during that stretch, while after-tax income for the one-fifth of households with the lowest income grew by just 18% from 1979 to 2007.
For the richest Americans excluding the top 1%, household income grew by 65% during that period, while for the 60% in the middle of the income scale, the growth in after-tax income was just under 40%, the CBO said.
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