Last October, after a conversation with Chicago Booth professor Steve Kaplan, I posted this graph showing that the share of national income going to the top 1% had fallen dramatically.
This confirmed what I had expected–the taxable income of the wealthy generally tends to fall in recessions. But since earlier census data had seemingly contradicted that expectation, I thought it was worth blogging. As I explained:
From TheAtlantic – shaping the national debate on the most critical issues of our times, from politics, business, and the economy, to technology, arts, and culture.