The Rise of the Super-Rich

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http://www.livescience.com/24318-rise-super-rich.html

The top 1 percent of Americans are getting a bigger piece of the economic pie — and part of the reason may be Republicans in Congress, according to a new study.

The study, detailed this month in the journal American Sociological Review, shows that the income share of the top 1 percent grew rapidly after 1980 — from 10 percent in 1981 to 23.5 percent in 2007, an increase of 135 percentage points. (Since 2007, the wealth held at the top has decreased a bit, due to the financial meltdown of 2008.)

Study co-author Thomas Volscho, an assistant professor of sociology at CUNY-College of Staten Island, finds a Republican majority in Congress is one of the main reasons for the widening rich-poor gap. However, other experts say one factor cannot explain the rise of the 1 percent, and rather a handful of reasons, such as globalization and even technology, play roles.

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New research reveals why the rich in America are only getting richer.
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The top 1 percent of Americans are getting a bigger piece of the economic pie — and part of the reason may be Republicans in Congress, according to a new study.

The study, detailed this month in the journal American Sociological Review, shows that the income share of the top 1 percent grew rapidly after 1980 — from 10 percent in 1981 to 23.5 percent in 2007, an increase of 135 percentage points. (Since 2007, the wealth held at the top has decreased a bit, due to the financial meltdown of 2008.)

Study co-author Thomas Volscho, an assistant professor of sociology at CUNY-College of Staten Island, finds a Republican majority in Congress is one of the main reasons for the widening rich-poor gap. However, other experts say one factor cannot explain the rise of the 1 percent, and rather a handful of reasons, such as globalization and even technology, play roles.

Taxes and the top 1 percent

Volscho said he got interested in the topic when he read about gilded-age mansions on Long Island and realized that America was living through another gilded age.

"I started looking at the data in 2009, and I wanted to know how the one percent doubled their share of the income pile," Volscho said.

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Couple riding in a car at high speed
Jumpstart Your Career
Break through barriers and realize your career's full potential
NancyCarlstrom.com
New research reveals why the rich in America are only getting richer.
CREDIT: Deklofenak | Shutterstock
View full size image

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