Income gap in NYC twice national average: Report - Metro US

Income gap in NYC twice national average: Report

The top 1 percent of New Yorkers have one-third of all the personal income in the city, according to a report released yesterday.

The report, which was released by the city comptroller’s office, revealed that the city’s income gap is twice the national average.

According to the report, the top 1 percent of New?York tax filers accounted for 32.5 percent of the entire income in 2009, the last year studied.

In contrast, nationally, the top 1 percent accounted for 16.9 percent of all income, according to the comptroller’s report.

The average income of these top earners in 2009 was $2.2 million, and the lower 99 percent of filers had an annual income of $47,000, according to the report.

The income gap “threatens the very fragile economic recovery we are now experiencing,” Comptroller John Liu said.

“Such a wide income gap has financial consequences for the city,” he added. “Income inequality can weaken or destabilize the local tax base, reinforce patterns of racial and economic segregation and undermine the vibrant social, cultural and economic mix that is the foundation of New York City’s identity.”

More from our Sister Sites