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US report: Income of top 1 percent far outgrew others

By REUTERS

OCTOBER 26, 2011 04:18

WASHINGTON - Incomes for the wealthiest 1 percent of Americans nearly tripled from 1979 to 2007, far outpacing income growth for all other groups, said a new report that underscored sharply increased US income disparity.

As demonstrators nationwide protest the power of Wall Street and the wealthy, the Congressional Budget Office on Tuesday gave further evidence that, in the last three decades, the United States has become a far more unequal nation.

"For the 1 percent of the population with the highest income, average real after-tax household income grew by 275 percent between 1979 and 2007," said the report from the CBO, a nonpartisan budget and tax analysis arm of Congress.

The next-highest 19 percent of earners saw their income grow by 65 percent over the same period. Income grew by just under 40 percent for the 60 percent of the population in the middle, while the 20 percent at the bottom of the scale saw income growth of only about 18 percent, the report said.

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