The share of gross annual household income of the top 1% has increased to 19.4%, the largest share since the late 1920s. As the U.S. is home to a progressive tax structure the share of net-income received by the top 1% is smaller, and the share of the middle class consequently larger, than their shares of gross pre-tax income. In 2004, the top percentile's share of net income was 14%, 27.8% less than its share of gross income, but nonetheless nearly twice as large as in 1979, when it was clocked at 7.5%.