City's income inequality gap double the U.S. average, Liu says
The gap between the city's 1% and the rest of New Yorkers is more than double the national average, according to a new report released Monday.
City Comptroller John Liu's office found that the wealthiest residents account for about a third of the city's income. Nationally, that same income bracket represents only about 17% of the nation's income, Liu's report found.
"Income inequality can weaken or destabilize the local tax base [and] reinforce patterns of racial and economic segregation," Liu said in a statement.
Mayor Mike Bloomberg dismissed Liu's findings at a news conference, noting that those wealthy New Yorkers contribute to half the city's annual revenue.
New Yorker tax filers make $200K or more
Total population of New York tax filers
Amount of city's income the group making $200K or more acccounts for
Total city income