The economic crisis unleashed by the coronavirus pandemic will deepen the income gap as some sectors and income groups may recover sooner than others. According to the institute on taxation and economic policy the richest 1 percent of americans are expected to receive 27 percent of the benefits of the tax cuts in 2020.
May 07 2020 hbr staff c dric fumi r eyeem getty images.
Income gap 2020. 9 the share of american adults who live in middle income households has decreased from 61 in 1971 to 51 in 2019. During the same month white workers were unemployed at a rate of 12 4. According to the latest released census data the 2018 american community survey five year estimates the gini index of income inequality rose to 0 4822 up from 0 4815 is 2017.
Jakarta mon september 28 2020. Measuring tax gaps 2020 edition hm revenue and customs 8 tax gap by type of tax figure 1 2 shows how the tax gap is composed of different taxes. This figure is representative of the uncontrolled or raw gender pay gap which looks at.
The state of the gender pay gap in 2020 in 2020 women earn 81 cents for every dollar earned by men. It shows that two components one covering income tax national insurance contributions and capital gains tax it nics and cgt and the other value added tax vat account for 71 of the tax gap. The higher the u s.
Thus a greater share of the nation s aggregate income is now going to upper income households and the share going to middle and lower income households is falling. The covid 19 pandemic will widen the gap between the rich and the poor especially in the emerging markets and developing economies the international monetary fund imf has said. The immigrant income gap how gender race and language impact the pay of first and second generation immigrants.
Here are 9 numbers that sum up the vast gap. 16 8 that s the may 2020 jobless rate for black workers. Income group irs data show the larger the share of income derived from investment profits.