isu web 102224 728x90

A little more income for the 99 percent

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

The 99 percent who aren’t counted among the nation’s top income bracket finally experienced some income growth last year, according to analysis conducted by a professor at the University of California in Berkeley,CNNMoney reported.

 

Family income rose 3.3 percent after inflation, according research by Emmanuel Saez. That is the first meaningful gain in 15 years.

 

The reason: More than 2.95 million jobs were created, and the jobless rate fell to 5.6 percent.

 

The top 1 percent did even better. Their incomes jumped 10.8 percent last year, and they captured 58 percent of the income growth, according to Saez’s report. The findings are based on his analysis of tax returns.

 

Income inequality is still with us. The average family income for the 99 percent was $47,200 last year. The 1 percent had an average income of $1.3 million. A yearly income of $423,000 is needed to make it to the top.

rebuildingtogether brd 090124 300x250