Posts Tagged ‘Income Inequality’

Wisconsin Grows Poorer, More Unequal Relative to Minnesota

Minnesota’s median income grew faster than the national average over the past decade, as noted in part 1 of this series. And while Minnesota income inequality has increased, it has increased less rapidly than the national average. Meanwhile, in Wisconsin, median income growth fell short of the U.S. growth rate and income inequality increased at…

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Minnesota vs. U.S. Income Trends Since the Great Recession

When it comes to income trends in Minnesota, we’ve got some good news and some bad news. The good news is that income growth in Minnesota has surpassed the national average over the last decade, both in aggregate and within every income group. The bad news is that income inequality has increased over this period,…

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Myths of the 2017 Federal Tax Act

The “Tax Cuts and Jobs Act” (TCJA)—the massive federal tax cut passed in December 2017—has failed to produce the benefits touted by its promoters. And if history is any indicator, there is no reason to believe things will change in the future. The following debunks several often-touted claims made by TCJA backers. Myth #1: The…

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Corporate Tax Cuts Increase Income Inequality

North Star would like to thank Professor Louis Johnston of the College of Saint Benedict/Saint John’s University for critiquing earlier drafts of this article.   Conservatives typically argue that the benefit of corporate tax cuts will trickle down to workers in the form of higher wages. New research published this month indicate that workers do…

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Estate Taxes in the Age of Inequality

Income and wealth inequality has accelerated in recent decades; at the same time, reliance on the progressive estate tax as a state revenue source has waned. Certainly, the decline of the estate tax is not the only—or even a primary—cause for the increase in inequality, but it is an effective remedy for offsetting some of…

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Counties with Greatest Income Inequality are Also the Poorest

In recent decades, income inequality has increased, both in Minnesota and nationally. New information from the American Community Survey (ACS) shows that U.S. and Minnesota counties with the highest degree of income inequality also have the highest poverty rates and the lowest median incomes, thereby underscoring the devastating impact of income inequality on low- and…

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Income Inequality, Tax Regressivity are Worse Than We Thought

There has long been convincing evidence—both at the state and national levels—that income inequality has accelerated in recent decades, with an increasing share of wealth concentrated in fewer and fewer hands. Extreme income inequality—coupled with stagnant or declining real wages—undermines a consumer economy, since working families are less able to purchase the goods and services…

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Income Inequality Continues to Escalate

Last summer, two separate North Star articles (published on July 18 and August 29) explored the growth in U.S. and Minnesota income inequality since the 1970s and 1980s. While recent data from the U.S. Census Bureau showed significant income growth in 2015, income inequality has continued to increase since the beginning of the Great Recession…

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Post-Great Recession, Rich Get Richer and Poor Get Poorer

We’ve got some good news and some bad news. The good news is that average U.S. and Minnesota incomes increased from 2014 to 2015. Further good news for Minnesotans is that income growth among each of the Gopher State’s six income groups outperformed the corresponding national growth rates, as described in the preceding North Star…

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Income Growth by Income Group: Minnesota vs. U.S.

Minnesota fared better than the national average in terms of income growth since the Great Recession, based on Census Bureau data summarized in a September 21 North Star article. A deeper dive into another batch of recently released data from the American Community Survey (ACS) shows that within every income group, average incomes in Minnesota…

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