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What Does It Take To Be In The Top 1%? Not As Much As You Think Rate Topic: -----

#1 User is offline   MTP Reggie 

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Posted 26 November 2018 - 08:38 AM

What Does It Take To Be In The Top 1%? Not As Much As You Think
Great Speculations
Frank Holmes Contributor
Aug 1, 2018, 10:42am
Forbes

<More With Charts And Graphs For The Mathematically Challenged Here>

When you think of the top 1% of all income earners in American households, how much do you think this group rakes in? Millions? Tens of millions? What about the top 10%? On the contrary, to be considered in the top 1 percent of taxpayers nationally, you'd need an annual income of $480,930. The top 10% of taxpayers make at least $138,031. These figures are based on 2015 income tax data, the most recent year available.

This income level varies widely by both state and city. In San Jose, California, the top 1% income threshold is close to $1.2 million, almost double the level for Los Angeles. As seen in the chart below, the spread is fairly wide between the top 10 most populous cities in the U.S. In San Antonio, Texas ?home to U.S. Global Investors ?you'd need to make $416,614 annually to be considered in the top 1%, slightly below the national threshold of top 1 percenters.

https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fgreatspeculations%2Ffiles%2F2018%2F08%2Ftop-1-percent-income-level-varies-greatly-location-07302018-LG-e1533134228974.jpg



Earning enough income to be in the top 1%, 10% or even 20% is no small accomplishment, but chances are good that many people you know, and may not think of as wealthy, fall into the top 1%, 10% or 20%.

Is the Top 1% Paying Their Fair Share?

Contrast the above income statistics with the picture often painted in the media that the wealthiest Americans aren't paying their fair share. According to the Tax Foundation, the top 1% of households collectively pay more in taxes than all of the tax-paying households in the bottom 90%. Take a look at how much this has changed over the past few decades. In 1980, the bottom 90% of taxpayers paid about half of the taxes. The top 1% contributed about 20%. Now, the top 1% pays more than the bottom 90%. Perhaps this is more than their fair share?

https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fgreatspeculations%2Ffiles%2F2018%2F08%2Ftop-1-percent-now-pay-more-than-bottom-90-percent-07302018-LG-e1533134296298.jpg


Below is the line chart from the Tax Foundation showing how the income tax share for each category has changed since 1980. For the majority of years, the share of the bottom 90% fell while the share of the top 1% rose.

https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fgreatspeculations%2Ffiles%2F2018%2F08%2Fincome-share-top-earners-been-rising-07302018-LG-e1533134340107.jpg


(snip)

<More With Charts And Graphs For The Mathematically Challenged Here>
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#2 User is offline   Howsithangin 

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Posted 26 November 2018 - 09:40 AM

Dribble a basketball, play pretend for a living, or caterwaul out a few notes and call it music.

This post has been edited by Howsithangin: 26 November 2018 - 09:41 AM

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#3 User is offline   Rock N' Roll Right Winger 

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Posted 26 November 2018 - 09:41 AM

Bullcrap. I'm not buying it for one second.

The top 1% usually don't pay any taxes at all.

I mean NOTHING. Not even property tax because they know ways around every tax there is and get reimbursed for the taxes that they supposedly do pay, so in other words they pay nothing.

They have shidtloads of tax write offs and they know how to and do get government subsidies to pay for their business expenses because "they supply jobs" for us peons and serfs. The rich protect their own and there are laws on the books that that most don't know exist that they had passed to do so. They always use their businesses/corporations to buy all of their own personal needs, their homes, appliances, cars, food, medical, fuel, utilities, etc. as all of these are tax write offs through their big businesses. They then apply for and receive government grant money too to cover expenses if they employ enough people, especially in a poor district.

My former employer used to openly brag to his employees that "paying taxes are only for the little people. I don't have to pay my own way because I've got a lot of money. That's what you people are for.". And he's telling the truth on that one.

So perhaps it's understandable why I don't work for that arrogant jerk anymore?

This post has been edited by Rock N' Roll Right Winger: 26 November 2018 - 09:47 AM

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#4 User is online   zurg 

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Posted 26 November 2018 - 10:58 AM

 Rock N, on 26 November 2018 - 09:41 AM, said:

Bullcrap. I'm not buying it for one second.

The top 1% usually don't pay any taxes at all.

I mean NOTHING. Not even property tax because they know ways around every tax there is and get reimbursed for the taxes that they supposedly do pay, so in other words they pay nothing.

They have shidtloads of tax write offs and they know how to and do get government subsidies to pay for their business expenses because "they supply jobs" for us peons and serfs. The rich protect their own and there are laws on the books that that most don't know exist that they had passed to do so. They always use their businesses/corporations to buy all of their own personal needs, their homes, appliances, cars, food, medical, fuel, utilities, etc. as all of these are tax write offs through their big businesses. They then apply for and receive government grant money too to cover expenses if they employ enough people, especially in a poor district.

My former employer used to openly brag to his employees that "paying taxes are only for the little people. I don't have to pay my own way because I've got a lot of money. That's what you people are for.". And he's telling the truth on that one.

So perhaps it's understandable why I don't work for that arrogant jerk anymore?

I think those are true statements for the top 1-5% of the top 1%. The likes of Buffett and Gates and Bezos and other leftists. And also the athletic and music stars who form their own tax free foundations.

I think those families making in the several hundred kís per year arenít able to avoid the payments you mention because they donít make enough to set up foundations etc.

The middle and upper middle class people are the ones who pay the 90% share. I donít know why many of them vote democrat, but they do.
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