There WAS some good news. Now there ain't----Tracking the same US taxpayers over time shows significant income mobility from 1996 to 2005

Tracking the same US taxpayers over time shows significant income mobility from 1996 to 2005 | AEIdeas:
The two charts above display some of the authors’ key findings on the high degree of income mobility for US taxpayers between 1996 – 2005, taken from Table 2 of their paper and summarized below for various income quintiles and income groups:

1. More than 56% of taxpayers (100% – 43.7%) in the lowest income quintile in 1996 had moved to a higher quintile by 2005