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Originally Posted by Undertoad
The gain from 2003-2007 is rather large, but if we continue this graph from 2007-2011, I assure you the drop-off will be similarly massive.
The economics reason for this is simple:
During good times, everybody gets richer, but the rich get richer at a much faster rate. During bad times, everybody gets poorer, but the rich get poorer at a much faster rate.
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And so they did. The numbers are in and from 2007-2009, 1%'s take of everything fell from 22.8% to 16.9%.
source
If we were to graph this on that CBO graph I criticized, the fall would be even steeper. And if we were to examine the top 0.5% it would even be steeper again:
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The most dramatic collapse has been in high incomes, as the most recent IRS data shows.
For example, since 2007 the number of millionaires has dropped 40 percent, while income reported by millionaires has dropped in half.
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