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Income
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Since the 1970s, it has taken considerably longer to make up for income losses between peak years
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Real income growth for different income percentiles diverged in the 1970s, with real incomes flattening in the 20th percentile and the median, and increasing in the 95th percentile
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Income saw significant growth in all income fifths from 1989-2000, driven in the bottom fifth especially by annual hours worked. Income barely grew or decreased in the 2000s, mostly due to a drop in hours worked.
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Effective tax rates for selected federal taxes, 1979-2006
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Households in all income quintiles have seen a fall in effective federal tax rates since 1979, especially those in the top 1% income group
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Federal tax revenues rely on significantly more progressive revenue sources than state and local tax revenues
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Looking at business cycle peaks in 1989, 2000, and 2007, income losses in the years following are even larger for those in the bottom income fifth than for those in the middle income fifth
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Married men show “ceiling effect” with little increase in hours of work, while married women contribute substantially more
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Share of total income going to the top 0.1% of earners has begun to rise in the past few decades, most noticeably in the U.S.
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