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Tuesday, December 14, 2010

New York - New York

The rich are getting richer all across the United States, but a new report finds New York State at the very top when it comes to concentration of wealth, and the same goes for New York City.
James Parrott, deputy director and chief economist at the Fiscal Policy Institute, says they studied 2007 state income tax returns and found the rich are pulling away from the middle class and low-income people in New York faster than anywhere else in the nation.

"So the top one percent in New York City today have more than the bottom 95 percent and in New York State the top five percent wealthiest have more than the bottom 95 percent...New York State has the most polarized income distribution of all 50 states, and among the largest 25 cities, New York City's degree of polarization exceeds that of all others."

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