The results are pretty shocking even for those of us who think that the gap between the haves and have nots is already too broad - this helpful report gives us the data to back up this presumption. For example, in my home state of North Carolina, the poorest 20% saw an annual increase in their inflation-adjusted income of about $105 dollars a year over the past two decades, while the wealthiest experienced an average increase in their income of $4,050 per year! Wow! These figures tell me that if you are in the poorest 20% group it's real, real hard to move up the ladder. It's unbelievable to think that the richest 5% experience their income growing the equivalent of 4 new laptop computers each year, while the poor lag behind.
The authors found that the states with the largest income disparities between the poorest and wealthiest groups are:
- New York
If you are interested in looking at what's going on in your own state with regards to the economic gap click here. If you're interested in learning more about your own state's tax structure click here.