According to a new study by the Congressional Budget Office, the income inequality gap has widened significantly over the last 30 years.
The study shows that top 1 percent of earners doubled their share of the nation’s income over the past three decades, while those in the bottom half saw their incomes decrease.
The share of after-tax household income for the top 1 percent of the population more than doubled, climbing to 17 percent in 2007 from nearly 8 percent in 1979.
The most affluent fifth of the population received 53 percent of after-tax household income in 2007, up from 43 percent in 1979. In other words, the after-tax income of the most affluent fifth exceeded the income of the other four-fifths of the population.
People in the lowest fifth of the population received about 5 percent of after-tax household income in 2007, down from 7 percent in 1979.
People in the middle three-fifths of the population saw their shares of after-tax income decline by 2 to 3 percentage points from 1979 to 2007.
These findings, which were ordered by Republican and Democratic senators on the Finance Committee are sure to bolster the claims of Occupy Wall Street protesters who are angry at the wealth inequality in the country.