Graph for the Day for May 18, 2011

"Over time a significant number of households move to higher or lower positions along the income distribution. As a result, public policies such as income taxation and income redistribution affect ‘classes' of people differently over each person's lifetime. In addition, income mobility muddies the picture of income inequality derived from a simple comparison of income quintiles from different years because such comparisons incorrectly implicitly assume that each income quintile contains the same households over time."  St. Louis Federal Reserve.

Source:  St. Louis Federal Reserve.

Hoven's Index for May 18, 2011

In 2008, percent of all federal income taxes paid by:

The highest 0.2% of households: 24.1%

The highest 3.1% of households:  52.0%

The lowest 45.7%:  0.2%

Percent of households paying no federal income tax at all:  47%

Sources:  IRS and Associated Press.

Graph of the Day Archive.