Question

This graph was created based on data in January 2017. If state and local tax data were collected and
presented again in January 2018 and January 2019, would you expect substantial change among the graphs?
Explain your thinking.
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Answer 1

Answer:

Explanation:

The broad facts of income inequality over the past seven decades are easily summarized:

The years from the end of World War II into the 1970s were ones of substantial economic growth and broadly shared prosperity.

Incomes grew rapidly and at roughly the same rate up and down the income ladder, roughly doubling in inflation-adjusted terms between the late 1940s and early 1970s.

The gap between those high up the income ladder and those on the middle and lower rungs — while substantial — did not change much during this period.