Mass Budget and Policy Center: Most families' incomes not increasing along with growth

MassBudget    Information.    Participation.  Massachusetts Budget and Policy Center    Democracy. *************** Most Families' Incomes Are  Not Increasing Along with  Economic Growth New National Report and MassBudget  Study Examine MA Income Data  A new national study and a MassBudget analysis show  the benefits of economic growth in Massachusetts are  not reaching most families.  The Economic Policy Institute (EPI) today released  Income Inequality in the U.S. by State, Metropolitan Area,  and County, which finds that while incomes are increasing  rapidly for the highest-income one percent of the  Massachusetts population (32.5 percent from 2009 to 2013),  the average income of the other 99 percent has barely budged  (up only 1.6 percent over those years). Meanwhile,  MassBudget's new fact sheet, The Effects of Skewed Growth on Household Incomes provides greater detail and  shows how much higher Massachusetts incomes  would be if incomes continued to grow together over  the past several decades as they did before the 1980s. MassBudget's new analysis reveals that: Had incomes at all levels grown after 1979 in line with overall income growth as they basically had in the preceding three decades, then annual median income in Massachusetts would have reached $85,200 in 2013 instead of $63,100. The share of income received by the bottom 99 percent has declined since 1979 when it stood at 90.3 percent of total income, compared to 77.0 percent in 2013. The top 1 percent pay a smaller share of their income in state and local taxes than the bottom 99 percent in Massachusetts. If the highest income earners contributed the same share of their income in state and local taxes as the bottom 99 percent, this would generate over $2 billion per year in additional tax revenue for the Commonwealth.   You can read Mass Budget's new analysis (here). You can read the Economic Policy Institute study (here). #     #     # The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts. MASSACHUSETTS BUDGET AND POLICY CENTER 15 COURT SQUARE, SUITE 700 BOSTON, MA 02108

Massachusetts Budget and Policy Center, 15 Court Square,Suite 700, Boston, MA 02108