Income disparity

Thomas Sowell in true Thomas Sowell fashion lays out how the top 1% of the top income earners saw their incomes drop in the past ten years v. the bottom 1/5 who saw their incomes go up by an average of 91%.

Excerpt

That is why the IRS data, which are for people 25 years old and older, and which follow the same individuals over time, find those in the bottom 20 percent of income-tax filers almost doubling their income in a decade. That is why they are no longer in the same bracket.

That is also why the share of income going to the bottom 20 percent bracket can be going down, as the Census Bureau data show, while the income going to the people who began the decade in that bracket is going up by large amounts.

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