Average pre-tax national income per adult has increased 60% since 1980, but we nd that it has stagnated for the bottom 50% of the distribution at about $16,000 a year. The pre-tax income of the middle class|adults between the median and the 90th percentile|has grown 40% since 1980, faster than what tax and survey data suggest, due in particular to the rise of tax-exempt fringe benefits. Income has boomed at the top: in 1980, top 1% adults earned on average 27 times more than bottom 50% adults, while they earn 81 times more today. The upsurge of top incomes was rst a labor income phenomenon but has mostly been a capital income phenomenon since 2000. The government has o set only a small fraction of the increase in inequality. The reduction of the gender gap in earnings has mitigated the increase in inequality among adults. The share of women, however, falls steeply as one moves up the labor income distribution, and is only 11% in the top 0.1% today.