Bernie Sanders, presidential candidate, speaks very openly about how the poor are getting poorer, the rich are getting richer, and the middle class is getting edged out. While you may not agree with the rest of his politics, he isn’t wrong on this issue. Income inequality is getting worse with each passing year.
After the financial crisis, 85% of the total income was taken by the top 1% of Americans, says a study from the Economic Policy Institute. In 2013, the average income for 99% of working Americans was about 25 times less than the income of the top 1%. What does it actually take to be in the top 1%?
In 2013 you needed a minimum income (of your entire household) of $389,436 to be in the top 1%. However, in Connecticut, it’s over $650,000, in Washington, D.C. and New Jersey it’s almost $550,000. In other parts of America where the wealthy like to retreat to, such as the Wyoming-Idaho ski resort area, the cut off for the top 1% is well over one million dollars. In those areas the income difference is about 40 times greater than the rest of the 99 percent.
The cut off in other parts of America, such as New Mexico, is a lot closer to $300,000 or even less. There is even an income gap at the top of the 1%, even if you didn’t think that was possible. To be in the top .01% you would need over 8 million dollars.