Question

Income Inequality What percent of total income in US is earned by the top one percent...

Income Inequality

What percent of total income in US is earned by the top one percent of earners? What are the contributing factors to growing income and wealth inequalities in US?

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Income:

It is the income at the disposal of each household during the year. It includes self employment earnings, capital income, salary income, public transfers after deducting the income tax and social security tax.

Income inequality:

Income inequality can be defined as, there is a more concentration of money in the hands of the huge chunk of population as compared to the others. It is basically the gap formed between the rich and the poor.

According Federal Reserve report of 2016, top 1% of the U.S population possessed 39% approximately of the nation’s wealth. From the remaining, 90% population held 23% approximately of the wealth. Also, top 1% families had a record 24% approximately of all the incomes of the nation.

There are many factors which are to be blamed for such income inequality in the U.S. They are:

  1. No flow of salary for the wage earner of U.S.
  2. Reduction in tax for the rich
  3. All time low in jobs provided by manufacturing sector
  4. Inflation in stock market
  5. More service jobs, less pay
  6. Less investigation in labor disputes, decline in labor unions
  7. Increase in skill based technology every day
  8. Increase in immigrants
  9. Globalization
  10. Increase in dependency on automation
Add a comment
Know the answer?
Add Answer to:
Income Inequality What percent of total income in US is earned by the top one percent...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question 1 Which of the following is not one of the ways we measure income inequality? A. Income shares of the households with the most income. (wrong) B. The Gini Coefficient. C. Income shares of the...

    Question 1 Which of the following is not one of the ways we measure income inequality? A. Income shares of the households with the most income. (wrong) B. The Gini Coefficient. C. Income shares of the households with the most income relative to the income shares of the poorest households. D. The minimum wage. Question 2 Which of the following is not true about the Gini Coefficient? A. A value of 1 means perfect income inequality and a value of...

  • Correcting the 2002 US Distribution of Income figures for a) population, and b) transfers results in:...

    Correcting the 2002 US Distribution of Income figures for a) population, and b) transfers results in: a.The share of income earned by the top quintile falling and the share of income earned by the bottom quintile rising b.The share of income earned by the top quintile rising and the share of income earned by the bottom quintile falling c.The share of income earned by the top quintile rising and the share of income earned by the bottom quintile rising d.The...

  • Please answer the following inequality questions a. What is the difference between wage inequality, income inequality, a...

    Please answer the following inequality questions a. What is the difference between wage inequality, income inequality, and wealth inequality? b. Most U.S. policies that target income inequality either target it at the low end of the income distribution by trying to increase wages of low-income workers, or at the high end of the income distribution by limiting wages of high-income workers. In your opinion, should the government focus on the low end or the high end?

  • The boxplot below represents US income distribution (in thousands of dollars) in 2015 a) What percent of the population...

    The boxplot below represents US income distribution (in thousands of dollars) in 2015 a) What percent of the population earned less than $10,000? Submit Answer Tries 0/2 b) What percent of the population earned between $10,000 and $30,000? Submit Answer Tries 0/2 c) What percent of the population earned between $30,000 and $90,000? Submit Answer Tries 0/2 The boxplot below represents US income distribution (in thousands of dollars) in 2015 a) What percent of the population earned less than $10,000?...

  • ​Outsourcing, immigration, and the gains of the​ super-rich are the most common reasons for the income inequality...

    ​Outsourcing, immigration, and the gains of the​ super-rich are the most common reasons for the income inequality in America. Tyler Cowen​ disagrees: The problem is largely the lack of education. To​ date, outsourcing is not yet common enough to have much effect. Immigration​ doesn't account for much of the change in the wages paid to unskilled workers since 1950. Advances in technology raises the incomes of highly skilled workers. Inequality will be reduced if more people undertake education. Immigrants to the United States include...

  • what is the answer to this inequalities 2x+3y<18, -4x-4y<8, -3x+4y<12, y>-13, y<2 and 4x-5y<20 ? ure hidden in one of the locations across the US. In order to find the locati co...

    what is the answer to this inequalities 2x+3y<18, -4x-4y<8, -3x+4y<12, y>-13, y<2 and 4x-5y<20 ? ure hidden in one of the locations across the US. In order to find the locati coordinate points: the linear inequality system will send you right to the location of the treasure! The t located at the point that saties the sysfem. First one to find it, wins a prize!:) ure hidden in one of the locations across the US. In order to find the...

  • The following is a list of health inequalities in the US. Choose one and discuss (1) whether you believe this is a healt...

    The following is a list of health inequalities in the US. Choose one and discuss (1) whether you believe this is a health inequity and why and (2) factors that may contribute to this inequality. Compared with white youth, black and Hispanic youth have a high prevalence of asthma, overweight and Type 2 diabetes. 2Rates of HIV/AIDS, sexually transmitted diseases and teen pregnancy are higher among black and Hispanic youth than among whites of the same age. 4 Hispanic youth...

  • The following is a list of health inequalities in the US. Choose one and discuss (1)...

    The following is a list of health inequalities in the US. Choose one and discuss (1) whether you believe this is a health inequity and why and (2) factors that may contribute to this inequality. Compared with white youth, black and Hispanic youth have a high prevalence of asthma, overweight and Type 2 diabetes. Rates of HIV/AIDS, sexually transmitted diseases and teen pregnancy are higher among black and Hispanic youth than among whites of the same age. A baby born...

  • Discussion 3 The following is a list of health inequalities in the US. Choose one and...

    Discussion 3 The following is a list of health inequalities in the US. Choose one and discuss (1) whether you believe this is a health inequity and why and (2) factors that may contribute to this inequality. Compared with white youth, black and Hispanic youth have a high prevalence of asthma, overweight and Type 2 diabetes. 2Rates of HIV/AIDS, sexually transmitted diseases and teen pregnancy are higher among black and Hispanic youth than among whites of the same age. 3A...

  • There's been a fair amount of talk about income inequality in the U.S. Or more to...

    There's been a fair amount of talk about income inequality in the U.S. Or more to the point, talk about how inequality has been increasing. So has it? And to what extent? Let's take a look at income shares. We can take the income earned by every U.S. resident and add them all up. That's total or aggregate income. Then we can divide households up according to their incomes. Let's think that we put households on a "ladder" according to...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT