04/10/2018
Here's how much you need to earn to be part of the 1 percent
New data from the IRS shows the minimum levels of adjusted gross income that top taxpayers earned in 2015.
The tax data likely reveals just part of the financial picture for the top tiers of U.S. taxpayers, according to one tax expert.
How do you stack up against the wealthiest Americans?
To be a 1 percenter, you need to have an adjusted gross income of at least $480,930, according to the latest data from the IRS, which looked at income statistics for tax year 2015. The top 1 percent accounted for 1.4 million individual income tax returns — out of 141.2 million total — that year.
If that income cutoff isn't dispiriting enough, to be part of the top 0.1 percent, which represented 141,205 returns in 2015, your adjusted gross income needed to be at least $2.2 million. Entry to the top 0.01 percent, representing 14,120 returns, required adjusted gross income of $11.9 million or more.
The top 0.001 percent had adjusted gross income of at least $59.4 million that tax year. Just 1,412 returns came from those taxpayers.
In comparison, the adjusted gross income for the top 50 percent of individual income tax returns was $39,275. (See chart below; click to enlarge.)
Randy M. Lish has over 17 years of advocating for his Clients in Estate Planning, Medicare & Medicaid and Trust Planning & Asset Protection cases. Based in Provo, he is familiar with the courts throughout all of Utah. Randy has the necessary skills and legal knowledge to help you resolve your legal problem.
If you have any questions call Randy at (801) 235-9400 for a free consultation or visit my website at http://randylishlaw.com to learn more about the services I provide.
Read more http://cnb.cx/2D5cwps
Shared from cnbc.com
Article Link:
https://www.cnbc.com/2018/02/27/how-much-you-need-to-earn-to-be-part-of-the-1-percent.html?__source=sharebar|email&par=sharebar
