The Misuse of Top 1 Percent Income Shares as a Measure of Inequality
10/17/12
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There are several reasons to dismiss the demonization of the top 1 percent.
from NCPA,
10/17/12:
Over the past couple of years, the concept of how disproportionate the top 1 percent’s share of income is relative to every other individual has been overhyped. It marks an attempt to justify a tax hike on the highest income earners and larger transfers of payments those lower-income earners, says Alan Reynolds, a senior fellow at the Cato Institute.
Recent studies find little or no sustained increase in the inequality of disposable income for the U.S. population as a whole over the past 20 years, even though estimates of the top 1 percent’s share of pretax, pretransfer (market) income spiked upward in 1986-1988, 1997-2000 and 2003-2007.
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