Monday, May 21, 2012

New York City's 1 Percent Takes In A Third Of The Personal Income Pie, Study Finds

Posted By on Mon, May 21, 2012 at 8:59 AM

Not quite a third, but you get the idea.
  • Not quite a third, but you get the idea.
The New York Times has scooped up some unsettling information regarding New York City's income inequality from a study to be released today. According to the city comptroller's office, the most affluent 1 percent of New Yorkers made up one third of personal income in the city in 2009. If your jaw isn't already on the floor, compare that figure to the national average that year—country-wide, the 1 percent had 17 percent of personal income in the nation. Hey, middle class, are you still there?

“There is some evidence of the kind of common worry that New York has a weak middle,” said Frank Braconi, chief economist in the comptroller’s office.

The report analyzed tax filings by city residents for income earned from 2000 through 2009, the most recent data available, and compared them with the national numbers. All of the numbers were adjusted for inflation. [NYT]

In a closer look at the figures, researchers found that those who made more than $1 million in 2009 (less than half of 1 percent of filers) reeled in 26.7 percent of personal income in the city that year.

John C. Liu, city comptroller, has recommended more of a progressive income-tax, but Mayor Bloomberg still remains opposed to increased taxing on the city's wealthiest. At the same time, neither did Bloomberg think it appropriate to pass a prevailing or living wage bill. Last month, the mayor promised to veto both measures on the notion that they would act as job killers.

[via NYTimes]

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