Posted by Dinah on December 12, 2011, at 17:17:32
In reply to Re: The top 1%, posted by floatingbridge on December 12, 2011, at 4:09:12
Well, it might have been intended that way. Would that it were true that one of every hundred people earned a million per year. I'd be feeling quite optimistic.
Here are some stats on the topic.
http://www.irs.gov/taxstats/indtaxstats/article/0,,id=96981,00.html
It would appear that those earning AGI of over $1 million would be 1/10 of one percent. Of those who filed a tax return. You aren't required to file a tax return at very low income, so those people might not be included at all, and the percentage would likely be less than that.
It's kind of interesting to see those top numbers. It looks as if those 8274 families who reported over $10 million reported a total of 3.1% of the entire amount reported, or an average of nearly $30 million. It would be even more interesting to see numbers within that group. If it averages to $30 million, and starts at $10 million, with likely the larger number at the bottom, there must be some stratospheric amounts reported on some individual returns.
It's also interesting to see the numbers go up. The largest group, 13.3%, earns $50-75k. They report 15.1% of the total reported. That's pretty much in line. Then you see the $75-100k group represented 8.2% of returns filed, but report 13% of the income, with the average income rising $20k. But... The $100-200k group represent 9.6% of returns file, and report a whopping 23.6% of the total reported income, with an average of $50k higher or $133k. I'd love to run some pretend numbers through and see how that works.
Could we at least agree that the anger at the 1% probably shouldn't be so severe towards those in the range earned by hard working members of the professions? Or small business owners?
Why not keep it where it was originally directed? Wall Street, which at times seems like it should be classed with any other legal gambling club. :)
Or those who use their money to buy influence in a way that is harmful to others? Unfair business practices? Poorly written tax laws? Outsourcing? Insider trading?
My musings about TV's and plasterers was just me thinking aloud about whether there is an innate need for wages to rise at a rate above inflation rates. Or if in order to justify raises above inflation, there needs to be a corresponding increase in productivity or objective value.
poster:Dinah
thread:1002133
URL: http://www.dr-bob.org/babble/poli/20110926/msgs/1004818.html