LIU REPORT: NYC’S INCOME GAP TWICE THE NATIONAL AVERAGE :Top 1% Takes One-Third of NYC’s Income

 New York, New York City Comptroller John C. Liu today released a report that details the income disparity in New York City. The study found that the top 1% of income tax filers receive one-third of all City personal income, a share that is almost twice the national average.
“Such a wide income gap has financial consequences for the City,” Comptroller Liu said.  “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. It also threatens the very fragile economic recovery we are now experiencing.”
The report found that New York City tax filers in the top 1% accounted for 32.5% of the City’s entire reported income in 2009, based on the most recent micro-data available from the New York State Department of Taxation and Finance. By comparison, the top 1% across the U.S. accounted for 16.9% of income. Press Release.