New numbers: Income for top 1 percent skyrocketed over last 30 years

As the chart at right shows, between 1979 and 2007, the share of after-tax income going to each of the bottom four income quintiles–the bottom 80 percent–has dropped. The only quintile that has increased its share is the top 20 percent. And the top 1 percent has more than doubled its share
. . . The Occupy Wall Street movement has made inequality [emphasis added] a key focus of its protests, and has used the slogan, “We are the 99 percent.”
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How Inequality Has Soared in the US

If you want to get some idea of why the 99 per cent movement has attracted so much support in the US, just take a look at this graph. Over the last thirty years, the share of income taken by the top 1 per cent of Americans has risen from 10 per cent to 23.5 per cent . . . As you’ll notice, from the 1950s onwards, income distribution in the US remained broadly stable until the Thatcher-Reagan revolution. The neoliberal policies pursued by the Reagan administration – tax cuts for the wealthy (the top rate of tax was reduced from 50 per cent to 28 per cent), deregulation and privatisation, led to a dramatic rise in inequality.
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