The after-tax incomes for the richest 1 percent in the United States grew by 275 percent from 1979 to 2007, according to a new study released this week by the nonpartisan Congressional Budget Office (CBO).
The study is based on Census data and its own figures. The 60 percent of Americans considered middle-class experienced a wage increase of only 40 percent, the study says. After the top 1 percent, the income for the next highest 20 percent grew by 65 percent, said the CBO.
The top fifth of earners between 2005 and 2007 earned more than the bottom fourth-highest and fifth-highest earners in America combined, the study noted.
