Point taken.
I'd like to see what the $ amts were, inflation adjusted, for the last 5, 10, 15, 20 yrs.
What is your income percentage?
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Point taken.
I'd like to see what the $ amts were, inflation adjusted, for the last 5, 10, 15, 20 yrs.
Top 21% but I don't believe that. Can't be accurate. I assume the amount you enter was the amount before taxes.
I'm not too surprised.
That's a good link and does put it into perspective. Then again...think about the Wall Street bankers....earning 40 or 50 million a year....and paying a lower tax rate because they are taxed at a capital gains rate while someone earning 300k gets hit with a 35% rate. Its BS IMO. Their job is investing....yet they don't get taxed like its a job.
By and large...the middle class has been getting screwed for decades. Wages have been stagnant for 40 years. The Fed considers inflation to be almost zero...like 1%
Then again....they exclude fuel and food. The 2 things needed to live...food and heating one's house or filling your tank aren't included.
..and not to disrupt the thread....this is income. Its not the same as Net Worth.
So....someone in the top 1% earning 400,000.00 a year could still be in the bottom 20% of the population of the wealth catagory if they are living beyond their means...and in debt up to their eyeballs.
======
On another note...here's another link that has some real intersting stuff about taxes and income.
http://en.wikipedia.org/wiki/Progressivity_in_United_States_income_tax
Tax burden by income bracket
The Congressional Budget Office breaks down the 2007 share of the tax burden according to each segment of the population as follows:[14]
The highest quintile in total earned 55.9% of all income. It paid 86.0% of federal income taxes and 68.9% of all federal taxes
The top 1% earned 19.4% of all income. It paid 39.5% of income taxes and 28.1% of all federal taxes
The next 4% earned 12.9% of income. It paid 21.5%. of income taxes and 16.2% of all federal taxes
The next 5% earned 9.7% of income. It paid 11.7% of income taxes and 10.7% of all federal taxes
The next 10% earned 13.9% of income. It paid 13.3% of income taxes and 13.9% of all federal taxes.
The fourth quintile earned 19.3% of income. It paid 12.7% of income taxes and 16.5 of all federal taxes.
The third quintile earned 13.1% of income. It paid 4.6% of income taxes and 9.2% of all federal taxes.
The second quintile earned 8.4%. It paid a net -0.3% of income taxes, meaning in aggregate this quintile received slightly more back in income tax credits than it paid in income taxes. It paid 4.4% of all federal taxes.
The lowest quintile earned 4.0% of all income and received a net -3.0% income tax credits. It paid 1.0% of all federal taxes.
That's a good link and does put it into perspective. Then again...think about the Wall Street bankers....earning 40 or 50 million a year....and paying a lower tax rate because they are taxed at a capital gains rate while someone earning 300k gets hit with a 35% rate. Its BS IMO. Their job is investing....yet they don't get taxed like its a job.
By and large...the middle class has been getting screwed for decades. Wages have been stagnant for 40 years. The Fed considers inflation to be almost zero...like 1%
Then again....they exclude fuel and food. The 2 things needed to live...food and heating one's house or filling your tank aren't included.
..and not to disrupt the thread....this is income. Its not the same as Net Worth.
So....someone in the top 1% earning 400,000.00 a year could still be in the bottom 20% of the population of the wealth catagory if they are living beyond their means...and in debt up to their eyeballs.
======
On another note...here's another link that has some real intersting stuff about taxes and income.
http://en.wikipedia.org/wiki/Progressivity_in_United_States_income_tax
Tax burden by income bracket
The Congressional Budget Office breaks down the 2007 share of the tax burden according to each segment of the population as follows:[14]
The highest quintile in total earned 55.9% of all income. It paid 86.0% of federal income taxes and 68.9% of all federal taxes
The top 1% earned 19.4% of all income. It paid 39.5% of income taxes and 28.1% of all federal taxes
The next 4% earned 12.9% of income. It paid 21.5%. of income taxes and 16.2% of all federal taxes
The next 5% earned 9.7% of income. It paid 11.7% of income taxes and 10.7% of all federal taxes
The next 10% earned 13.9% of income. It paid 13.3% of income taxes and 13.9% of all federal taxes.
The fourth quintile earned 19.3% of income. It paid 12.7% of income taxes and 16.5 of all federal taxes.
The third quintile earned 13.1% of income. It paid 4.6% of income taxes and 9.2% of all federal taxes.
The second quintile earned 8.4%. It paid a net -0.3% of income taxes, meaning in aggregate this quintile received slightly more back in income tax credits than it paid in income taxes. It paid 4.4% of all federal taxes.
The lowest quintile earned 4.0% of all income and received a net -3.0% income tax credits. It paid 1.0% of all federal taxes.
Theres so few people making 1/2 mil in this country... 1% is 3.5 million people.
Not that many brain surgeons and Bill Gates....
1/2 mil isn't all that hard to achieve if you put your mind to it and play smart. I have a few friends in that category. Getting there is what's hard. Have to put the rest of life on hold for a few.
Yep...you are correct. It takes a ton of hard work...a little bit of luck...the right timing...and pretty big balls, because most people had to risk it all to get there. Especially small business people who started with one location and then branched out with multiple locations.
It also helps if you have access to credit...the ability to borrow. And that means you must have good credit plus some assets.
But...it can happen to almost anyone in America. And there are very few countries where that can be said. Hell....in most of the world...one can not even get a mortgage for buying a house. In many countries south of the border....one would pay something like a 20% interest rate for a simple mortgage on your house.
And thats for a house. FORGET about getting a loan for a business. This is what sets America apart from the rest of the world. Its our banking system. Unfortunately....most people don't really realize how fortunate they are when they are earning 500k a year. They just don't get it.
simplepeddler
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