After I posted this chart yesterday, I was asked by many of you what share of income each income group was making. I added that data to yesterday’s chart.
As you can see, the top 1 percent of earners shoulder 38 percent of the personal federal income taxes and make only 20 percent of income. The top 5 percent of income earners pay almost 60 percent of income taxes and make almost 35 percent of all personal income.
Here are some other data points that I find interesting:
Of the top 1 percent of income earners, only 23 percent are millionaires.
A household income above $380,000 puts you in the top 1 percent of income earners.
Of the top 10 percent of income earners, only 2 percent are millionaires.
A household income above $114,000 puts you in the top 10 percent of income earners. That means that a cop making $60K married to a teacher making $60K make it into the top 10 percent.
Please send other suggestions for charts and data. I appreciate your input.