Americans Now Need at Least $500,000 a Year to Enter Top 1%
By News
Published 5 years ago on
October 18, 2019
Share
[aggregation-styles]
Bloomberg Subscription
Bloomberg Subscription
One definition of rich is getting into the top 1%.
The income needed to exit the bottom 99% of U.S. taxpayers hit $515,371 in 2017, according to Internal Revenue Service data released this week.
That’s up 7.2% from a year earlier, even after adjusting for inflation.
Since 2011, when Occupy Wall Street protesters rallied under the slogan “We are the 99%,” the income threshold for the top 1% is up an inflation-adjusted 33%.
That outpaces all other groups except for those that are even wealthier.
To join the top 0.1%, you would have needed to earn $2.4 million in 2017, an increase of 38% since 2011.
The top 0.01% threshold has jumped 46%.
Though the rich in the U.S. are doing well, they also pay the greatest share of taxes. The top 1% earned 21% of the country’s income, and paid 38.5% of federal individual income taxes. The top 1% paid a greater share of income tax to the U.S. Treasury than the bottom 90% combined.
If that’s your goal, it’s becoming harder to reach.The income needed to exit the bottom 99% of U.S. taxpayers hit $515,371 in 2017, according to Internal Revenue Service data released this week.
That’s up 7.2% from a year earlier, even after adjusting for inflation.
Since 2011, when Occupy Wall Street protesters rallied under the slogan “We are the 99%,” the income threshold for the top 1% is up an inflation-adjusted 33%.
That outpaces all other groups except for those that are even wealthier.
To join the top 0.1%, you would have needed to earn $2.4 million in 2017, an increase of 38% since 2011.
The top 0.01% threshold has jumped 46%.
By Alexandre Tanzi and Ben Steverman | 16 Oct 2019
RELATED TOPICS:
Political Stunt, Egg on His Face, Personal Vendetta. Who’s Fresno DA Talking About?
Politics /
1 hour ago
LA Judge Deals a Blow to Law Allowing Duplexes in Single-Family Tracts
Housing /
4 hours ago
US Announces New Patriot Missiles for Ukraine as Part of New $6 Billion Aid Package
World /
4 hours ago
Andy Reid and Taylor Swift Agree: Fresno’s Xavier Worthy Is a Great 1st-Round Draft Pick
Sports /
5 hours ago
Egypt Sends Delegation to Israel, Its Latest Effort to Broker a Cease-Fire Between Israel and Hamas
World /
5 hours ago
Antony Blinken Meets With China’s President Xi as US, China Spar Over Bilateral and Global Issues
U.S. /
6 hours ago
Categories
Latest
Videos
Sports /
59 mins ago
Yoshinobu Yamamoto’s 6 Shutout Innings Help Dodgers Finish Sweep, Defeat Nats 2-1
Sports /
1 hour ago
The 49ers Add Florida Receiver Ricky Pearsall With the 30th Draft Pick
Politics /
1 hour ago
Political Stunt, Egg on His Face, Personal Vendetta. Who’s Fresno DA Talking About?
Housing /
4 hours ago
LA Judge Deals a Blow to Law Allowing Duplexes in Single-Family Tracts
World /
4 hours ago