Texas is certainly the Lone Star State – but it appears to be composed of two different states. One for the wealthy and the other for the impoverished and these states are growing ever further apart.
The income gap in Texas has never been bigger. The incomes of the richest 5 percent of households were 14.3 times greater than those of the poorest 20 percent. – That’s according to the Center on Budget and Policy Priorities.
And a new study shows that the rich are getting richer and the poor have a shrinking chance of working their way out of poverty.
March Frank is a professor of economics at Sam Houston State University. His new study shows that the income gap in Texas is greater than ever. The study was based on 2012 IRS data.