NYC’s haves & have nots

New York City’s richest made out quite well over the Great Recession gathering up a larger percentage of  wealth, while the poorest saw less income.

The facts should not surprise anyone who has read this blog for the last seven years as I have called this period The Great Fleecing for it was the greatest transfer of wealth in history.

The Independent Budget Office, a nonpartisan public fiscal monitor, said it examined annual samples of 770,700 personal tax returns to determine income distribution among New Yorkers from 2006 to 2014, adjusting the data for inflation.

During that nine-year span, median income among the top 50 percent of New York earners remained about $65,000, while that of the bottom half dropped 13 percent to $12,360.

The top 1 percent, however took home 41 percent of the city’s income distribution in 2014, a slight increase from 2006. Income from the bottom half totaled 5.6 percent, a decline of 1.8 percentage points.

“We can see evidence of growing income inequality in the city,” said IBO spokesman Doug Turetsky. “The share of income going to New York City’s highest earners, the top 1 percent — and even more specifically the top 0.1 percent — has grown.”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s