In this chapter I examine whether and how the relationship between family socioeconomic characteristics and academic achievement has changed during the last fifty years. In particular, I investigate the extent to which the rising income inequality of the last four decades has been paralleled by a similar increase in the income achievement gradient. As the income gap between high- and low-income families has widened, has the achievement gap between children in high- and low-income families also widened? The answer, in brief, is yes. The achievement gap between children from high- and low-income families is roughly 30 to 40 percent larger among children born in 2001 than among those born twenty-five years earlier.