Nearly 60 percent of taxpayers who were in the bottom-earning 20 percent in 1999 (earning less than $13,000) were in a higher income group in 2007 [$99,900+], while nearly 40 percent of taxpayers who were in the top 20 percent in 1999 (earning more than $68,000) moved down by 2007…
Income mobility is even greater among high-income earners… Roughly half of millionaires from 1999 to 2007 were millionaires in just one year in the nine-year time period. By contrast, only 6 percent were millionaires in all nine years.
Very good post. People need to know about this.
Agree with Tom. Very good post.
Seems to me that this mobility is what the left always wants to deny, although I don’t know why.
Progressives are fond of saying “the rich get richer…” These findings show the rich are far more apt to suffer peaks and dips. Wealth is like a roller coaster.
The only people that seem to be getting richer are government employees, as I learned from a previous John Goodman blog post:
http://www.john-goodman-blog.com/government-as-a-growth-industry/
Devon is right. Wealth is like a roller coaster, at least for normal people…
It’s an interesting report. One other result is the chart that shows the percent of total national income earned by the top 1% has increased from 10% to 25%. The rich are getting richer.