Two, there has been a fall in the number of return filers with zero tax liability. One, many taxpayers have transitioned from the lower income group to the upper income group, thereby bumping up the average. According to the report, the reasons for this are twofold. The average income (weighted mean) has grown from Rs 4.4 lakh in financial year 2012-13 (FY13) to Rs 13 lakh in FY22. Please note that the code must be integrated into the HTML code (not only the text) for WordPress pages and other CMS sites.Presenting the human side of data on income tax returns (ITR), a report from SBI Research titled ‘Deciphering Emerging Trends in ITR Filing: The Ascent of the New Middle Class in Circular Migration points out how the average Indian middle class income has risen over the years. Our standard is 660 pixels, but you can customize how the statistic is displayed to suit your site by setting the width and the display size. Simply copy the HTML code that is shown for the relevant statistic in order to integrate it. Yes, Statista allows the easy integration of many infographics on other websites. This includes people with only a high school diploma as well as those who didn't finish college.Ĭan I integrate infographics into my blog or website? Looking at people who have experienced a big amount of downwards mobility in America independent of race, it has been those with less educational attainment. Over the past half century, the white low income class has been expanding, but it remains much smaller than Black and Latino low income classes in relative terms. Yet, the Black middle class is still barely expanding as some gains seem to have gone straight to the Black high income class, which more than doubled in size in the past 50 years. However, the report attests one of the biggest upwards movements for Black Americans and moderate gains for Latinos. Between 19, earnings of the low income class decreased from an already meager 10 percent to just 8 percent.īlack and Latino Americans are still much more likely to belong to the low income class - at around 40 percent of each group in this category compared to 24 percent of white people. One especially alarming trend that only pertains to the low income class is that while it has been increasing in size, it has been decreasing in its share of aggregated income. median income to belong to the middle class.īoth the low income and the high income class have been growing in America - squeezing the middle class from both sides. The report considers anyone whose household earns between two thirds and double of the U.S. During the same time, aggregate earnings by high income Americans increased from 29 percent to 50 percent - despite the fact that the high income class is still less than half as big as the middle class in America.Ī report by Pew Research Center includes these numbers and also shows that unmarried women and those in single-earner households are less likely to belong to the middle class. aggregate income earned by the middle class shrunk massively, from formerly 62 percent to just 42 percent. While middle class Americans remain the biggest income group by number of people, the same can't be said of the aggregate income earned by them. America's middle class has been shrinking for the past 50 years.
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