None of this is new, in fact a lot has been written lately about the increasing gap between the rich and the rest of us: income inequality. But since Vermont is entering into another round of state budget cutting maybe it is time for a quick refresher on income inequality.
So how’s it goin’ for Vermont’s top one percent of income earners — the group that yet again will likely be spared an income tax increase this year?
This map detail of the Northeast shows how much income it takes to be in the top one percent of income earners by state. [Entire map here]
The amount of income shown for Vermont, $349,000, is only the entry level income to this exclusive group (VT’s one percenters’ minimum wage). In 2011 the average income for a Vermont one-percenter was $705,000.
And it keeps getting better at the top in Vermont. Between 2009 and 2011 Vermont was one of 33 states in which the top one percent captured between half and all income growth.
Nationally since the end of the recession was declared, the top one percent has captured about 95 percent of the income gains. And one percent of earners have taken roughly one fifth of all the income earned by Americans in 2012. This trend continues for the top earners while lower earners continue to struggle.
And what of those who aren’t in the one-percent club? Income gains for everyone else, when they happen at all, are slower … or almost invisible. The 2013 median income in Vermont was $52,578.00, up slightly from the national number by about $300. With hardly any variation the median income has been in this range since 2005 when it was $54,514.00.
So, I guess the income gains at the top should start to trickle down any day now … right?