The top 1% of incomes are increasing rapidly even with low economic growth

Type Working Paper - Econ 3x3
Title The top 1% of incomes are increasing rapidly even with low economic growth
Author(s)
Publication (Day/Month/Year) 2018
URL http://www.econ3x3.org/sites/default/files/articles/Bassier & Woolard 2018 Top incomes_0.pdf
Abstract
We use tax data (which include accurate data for the very rich) to investigate the patterns of income growth over the period 2003 to 2016. Despite the need for inclusive economic growth in the light of extreme inequality, the top 5% of incomes grew at about 5% per year compared to national income growth of 3.7% per year. This divergence is striking in the post-recession period and appears to be partially driven by high growth in income from capital.

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