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I have three graphs shown down below. I would like to know what those graphs tell us about and how we can incorporate them into

I have three graphs shown down below. I would like to know what those graphs tell us about and how we can incorporate them into our intuition.

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% of national income 25% 35% 30% 40% 45% 50% 1917 1922 Source: Piketty, Saez, Zucman (2018) 1927 1932 1937 1942 1947 1952 1957 1962 1967 Top 10% national income share: pre-tax vs. post-tax 1972 1977 1982 Post-tax (after taxes and adding transfers and govt spending) 1987 1992 1997 Pre-tax 2002 2007 2012 2017Average, bottom 90%, bottom 50% real incomes per adult 60,000 Average national income per adult: 61% growth from 1980 to 2014 50,000 40,000 Average income in constant 2014 dollars 30,000 Bottom 90% pre-tax: 30% growth from 1980 to 2014 20,000 ...... .. ....... ............ 10,000 Bottom 50% pre-tax: 1% growth from 1980 to 2014 0 1962 1970 1978 1966 1982 1974 1986 1990 1994 1998 2002 2010 2006 2014Average tax rates by income group in 2018 45% (% of pre-tax income) 40% 35% Estate tax 30% 25% 20% Individual income taxes 15% _ Payroll taxes 10% I '. . . . 5% Consumption taxes

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