Rich Getting Richer (And The Income Gap By State)

Contributed by mm | September 12, 2006 8:54 AM PST

It is pretty amazing to realize almost in all states, the top 5% highest-income family makes more than eight times of the 20% bottom earners. Check out the state-by-state comparison in the full text to find out how you land in your state of residence.

From MSN Money:

Two new studies find the rich are getting richer at a faster pace.

A study released in late January, from the Center on Budget and Policy Priorities and the Economic Policy Institute, found that the gap between the highest- and lowest-income families is significantly wider than it was 25 years ago.

And an analysis of income-tax data by Congressional Budget Office found that the top 1% of households own nearly twice as much of the nation's corporate wealth as they did just 15 years ago.

...

The five states with the largest income gap between the top and bottom fifths of families are New York, Texas, Tennessee, Arizona and Florida. Generally, income gaps are larger in the Southeast and Southwest and smaller in the Midwest, Great Plains and Mountain states.

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