Here’s how much money the 1 percent really make

Wealth


How do you stack up against the wealthiest Americans?

To be a 1 percenter, you need to have an adjusted gross income of at least $480,930, according to the latest data from the IRS, which looked at income statistics for tax year 2015. The top 1 percent accounted for 1.4 million individual income tax returns — out of 141.2 million total — that year.

If that income cutoff isn’t dispiriting enough, to be part of the top 0.1 percent, which represented 141,205 returns in 2015, your adjusted gross income needed to be at least $2.2 million. Entry to the top 0.01 percent, representing 14,120 returns, required adjusted gross income of $11.9 million or more.

The top 0.001 percent had adjusted gross income of at least $59.4 million that tax year. Just 1,412 returns came from those taxpayers.

In comparison, the adjusted gross income for the top 50 percent of individual income tax returns was $39,275. (See chart below; click to enlarge.)



Source link

Products You May Like

Articles You May Like

Safest ways to take a vacation this summer
Slack stock down after Q1 earnings, slower growth than Zoom
Americans may get to change their health benefits—here’s what to know
Why activists are pushing for rent forgiveness during the pandemic
Kevin O’Leary advice to a family arguing over a golf cart

Leave a Reply

Your email address will not be published. Required fields are marked *