Are you in the top 1%?

<p>I was under the impression the much maligned "top 1%" were households earning more than $250,000, but this article tells a different story. The web site makes for some good rainy weather reading as Occupy (your city name here) rhetoric becomes the topic of more and more conversations.</p>

<p>From July 2011:
Who</a> Rules America: An Investment Manager's View on the Top 1%</p>

<p>
[quote]
Available data isn't exact, but a family enters the top 1% or so today with somewhere around $300k to $400k in pre-tax annual income and over $1.2M in net worth. Compared to the average American family with a pre-tax income in the mid-$50k range and net worth around $120k, this probably seems like a lot of money. But, there are big differences within that top 1%, with the wealth distribution highly skewed towards the top 0.1%.

[/quote]
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<p>
[quote]
Most of those in the bottom half of the top 1% lack power and global flexibility and are essentially well-compensated workhorses for the top 0.5%, just like the bottom 99%. In my view, the American dream of striking it rich is merely a well-marketed fantasy that keeps the bottom 99.5% hoping for better and prevents social and political instability. The odds of getting into that top 0.5% are very slim and the door is kept firmly shut by those within it.

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<p>I'm surprised with that 1.2 million number - seems quite low.</p>

<p>Who me? In my dreams. . .</p>

<p>Um, no. (10 char)</p>

<p>Hey, but everyone just knows those Evil 1 Percenters are all earning a million bucks a year! (And not paying their fair share!!!)</p>

<p>Based on net worth I guess my wife and I are 1%'ers. Surprises the heck out of me!</p>

<p>I've mentioned this in one of the many, many other threads that are discussing this topic, but, yes, my H and I are in the evil 1%, and likely at the top of that evil 1%.</p>

<p>I think hating and blaming the "1 Percent" or any other witch hunt inevitably degenerates into one of our country's really foul chapters.</p>

<p>In the present case, you have people unhappy with their situation and responding by (1) blaming those who they perceive as having more, and (2) assuming those people got "more" by being bad.</p>

<p>It's simplistic and satisfying at the basest level. And charlatans whip it up and capitalize on it.</p>

<p>Yes, I'm in a cynical mood.</p>

<p>I'm in the 1 percent and I have more in common with the bottom 1 percent than with Warren Buffet who apparently wants me to give away more of my money.</p>

<p>We are just outside of the top 1% because of the net worth number because we recently split our personal & business assets amoung some of our children. But I disagree with the statement that the "bottom of the 1%" are working for the top .1%. I think small business owners make up a great deal of the bottom portion of the top 1%. And we are small business owners because we don't want to work for anyone but ourselves (and the government of course)</p>

<p>"are you in the 1%"....not even close......</p>

<p>Not after paying for two children's college education out of savings because we aren't eligible for FA.....</p>

<p>I do like these numbers...take a look at how progressive our tax structure really is...</p>

<p>Is it even progressive?</p>

<p>Who</a> Rules America: Wealth, Income, and Power</p>

<p>Figure 6 and figure 7..</p>

<p>The wealthy have tax free bonds....tax free exchNges of real estate..income offshore...money deferred in 401ks</p>

<p>With this talk of top 1%, I think it bears mention, that how people handle this income is very different. For our family, we have always "lived below our means" in choice of homes, cars, vacations, etc. For us, savings and charity pursuits always took top billing. Because of our business, we "socialize" with other business owners who I would say live in a "heightened state of poverity" for lack of any other term. These people live in McMansions, drive cars that push 6 figures and push the financial envelope every month. They complain of their high dollar mortgages and the pressure to make money in a downturned economy because they have pushed the envelope for so many years. I couldn't live that way.</p>

<p>One reason our net worth has also declined, is we made the decision, as a family, to keep folks on staff, eventhough our business has not been stellar for over 7 months. The business tide is turning back positive, and I am glad we were able to make payroll from years of savings for times just like these.</p>

<p>I think the numbers are ridiculously low. The numbers make more sense if it were networth(not county your own residence) instread of just networth.</p>

<p>
[quote]
I'm in the 1 percent and I have more in common with the bottom 1 percent than with Warren Buffet who apparently wants me to give away more of my money.

[/quote]
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<p>What do you have in common with the bottom 1 percent?</p>

<p>Yes. At the same time, I do not take it personal at all that people are upset with the group I happen to be fortunate enough to find myself in. It's not at me personally at all. Nor does it have anything to do with envy or rationalization. </p>

<p>The anger is directed at the larger system that has sustained and perpetuates a growing difference in terms of power and resources between the top group and everyone else. </p>

<p>People are finally waking up to see that the whole 'trickle down theory' was one big con job.</p>

<p>Not in the 1 percent but I know people in that group. None of them started there. None of them got there through anything other than work. Why are they the enemy?</p>

<p>"The share of income received by the top 1 percent grew from about 8 percent in 1979 to over 17 percent in 2007."</p>

<p>The top 1 percent paid 15.4 percent of federal Income taxes in 1979...and 28.3 percent in 2006.</p>

<p>I don't have the 2007 numbers for income taxes</p>

<p>But...if I try to estimate the income gains to 2006...and therefore I double the income of the top 1%... Between 1979 and 2006..which is probably less than really occurred...</p>

<p>...I am trying to be conservative...the top 1% should have paid 30.8
percent of the income tax instead of 28.3%.</p>

<p>The top 1 percent is paying less than they would be if the income tax
structure wasn't changed. 30.8 percent to 28.3 percent</p>

<p>And SS taxes were increased during this period...and the top 1% pay a smaller percentage of their income in SS than most working Americans.</p>

<p>I hope this is clear.</p>

<p>Our tax system has gotten more regressive...while the masses are
making less of the gains...</p>

<p>My mother the job creator is a top 1%er.</p>

<p>Subway is doing well.</p>

<p>Ok...the taxes I am talking about here are federal taxes ...not federal income taxes...</p>

<p>Just to be more accurate...post 17. </p>

<p>This is what I get from getting some of this info from razor-sharp...:)</p>

<p>I eat at Subway...</p>

<p>Share of Individual Income Tax Liabilities</p>

<p>Year..Lowest....Second...Middle....Fourth....Highest...total
........quantile..quantile..quantile..quantile..quantile
1979....0.0.........4.1........10.7.......20.2.......64.9....100.0
2006...-2.8.......-0.8..........4.4.......12.9.......86.3....100.0</p>

<p>Source: Congressional Budget Office.</p>