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…[The]…visualization [below] charts the minimum income needed for each income percentile, from the top 50% to the top 0.001%. @A Financial Site For Sore Eyes & Inquisitive Minds
- Currently, the combined wealth of the 1% almost surpasses that of the combined wealth of middle-class Americans.
- Even after accounting for inflation, the income needed to reach the top 1% of earners increased 7.2% between 2016 and 2017.
- At the same time, the wealthy have the greatest tax burden. An analysis from Bloomberg shows that the top 1% earned 21% of the country’s income and paid 38.5% of federal income taxes. By contrast, the bottom 90% of earners paid 29.9% of federal income taxes. @Follow the munKNEE
How Much You Need to Earn For the Top Income Percentiles
1. Top 0.001%: $63,430,119
2. Top 0.01%: $12,899,070
3. Top 0.1%: $2,374,937
Percent of Total Income Earned by Top Income Percentiles
1. Top 0.001%: 2.34% of total income
2. Top 0.01%: 5.17% of total income
3. Top 0.1%: 10.52% of total income
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Editor’s Note: The above excerpts are from the original article by HowMuch.net, a financial literacy website, and have been re-formatted, color highlighted, edited ([ ])* and abridged (…) by Lorimer Wilson, editor of munKNEE.com – Your KEY To Making Money! – for the sake of clarity, and brevity to provide a fast and easy read.
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