Thursday, December 02, 2010

Canadian rich get richer

"Most Canadians are inching their way through recovery, trying to hang on to what they've got," Armine Yalnizyan, a senior Canadian Centre for Policy Alternatives economist writes. "But for some Canadians things have never been so good."

For the richest 1%, the share of all Canadian incomes almost doubled between the late 1970s and 2007. For the richest 0.1% of tax files, their total share almost tripled during those 20 years. For the creme-de-la-creme – the richest 0.01 per cent making more than $640,000 a year - their share of total incomes more than quintupled.
The richest 1 per cent accounted for 14 per cent of all personal income by 2007 -- levels comparable to the mid 1920s.

Workers are better educated than any previous generation, and they are working more hours per household than ever before YET what is seen is that median pre-tax incomes were essentially at the same level in 2007 as in 1980

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