Definition of Income Inequality

What does the term "income inequality" mean? What is meant by the term "income inequality"?

"Income inequality" refers to the phenomenon of income being unevenly distributed through society.

Definition of Income Inequality - Financial DictionaryFor instance, according to the IRS, the total adjusted gross income for ALL individuals in the United States was $7,626,430,723 in 2009.

According to the IRS, the top 13% of all income earners (those making $100,000 or more) brought in approximately $3,700,000,000. This means that the top 13% of income earners in the United States brought in nearly half of the total adjusted gross income.

Proponents of "income equality" will argue that wealth should be more evenly distributed. According to them, this would be accomplished through higher tax rates for the "wealthy", fewer tax loopholes, increased money for social programs and other methods of income redistribution.

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