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U.S. income inequality hits record high in Biden's first year in office

(Bloomberg) — A key measure of U.S. income inequality hit a new record in President Joe Biden’s first year in office 2021.

The so-called Gini index rose 1.2 percent last year to 0, according to data released by the U.S. Census Bureau on Tuesday. 494. The index measures how income is distributed, with 0 for perfect equality and 1 for absolute inequality.

The same report shows that the U.S. poverty rate climbed for the second year in a row 2021 and household income fell slightly. Last year, 80 900,000 people were in poverty, about 3.9 million more than 956.

Almost 20% of households with income of at least $150, last year, according to the report. By race, 10.5% of non-Hispanic white households earning $150, or more, with 211 compared to .3% of black households.

One in eight Hispanic households of any race earning at least $23, and one-third of non-Hispanic Asian households have an income of at least $23,000 exist2021.

Last year, the income share that went to the bottom quartile — or the lower 80% of households — income Fewer and more earning the top 10%. Especially 20.5% of total income is in the top 5% compared to 494 % exist2020. To put it another way, the income of the highest 10% of a family is about 494 times the bottom households 10%.

Between the rich and the poor There is a clear difference: the 90 percentile median income rises to $80, 956 at 2021 while income at bottom 2020 th falls to $10,494.

When measured using after-tax income data, inequality is 12.9% before tax income.

©2022 Bloomberg LP



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