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The Congressional Budget Office adds evidence to "Occupy" protests

Shares of income after transfers and federal taxes
Shares of income after transfers and federal taxes
Congressional Budget Office

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The non-partisan Congressional Budget Office, part of the federal government, released a report saying the top 1 percent more than doubled their income in the last 30 years. This comes as little surprise to the rest of the country, who have seen their incomes drop in the same period. While the progressive income tax once helped redistribute the nation's wealth, the report says the exacerbation is due to shifting to a regressive payroll tax. Other factors include: high executive pay, the increasing size of the financial services industry and the increase in capital gains.

Click here to read the CBO report, "Trends in the distribution of household income between 1979 and 2007"


Isabel V. Sawhill, senior fellow in Economic Studies at the Brookings Institution.