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Sunday, January 29, 2006

Corporate Wealth Share Rises for Top Income Individuals

Following up on "The Evolution of Top Incomes" which Brad DeLong comments on here, new government statistics show that the concentration of corporate wealth at the high end of the income distribution is continuing to increase:

Corporate Wealth Share Rises for Top-Income Americans, by David Cay Johnston, NY Times:  New government data indicate that the concentration of corporate wealth among the highest-income Americans grew significantly in 2003, .. a trend that began in 1991 [and] accelerated in the first year that President Bush and Congress cut taxes on capital. In 2003 the top 1 percent of households owned 57.5 percent of corporate wealth, ... The top group's share ... has grown ... since 1991, when it was 38.7 percent. ... according to a Congressional Budget Office analysis of the latest income tax data. ... In 2003, incomes in the top 1 percent of households ranged from $237,000 to several billion dollars. For every group below the top 1 percent, shares of corporate wealth have declined since 1991. ...

    Posted by on Sunday, January 29, 2006 at 01:59 AM in Economics, Income Distribution | Permalink  TrackBack (0)  Comments (4)

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