$32K is top 50% income in the US

[Svnla]

So I read an article of Austin TX newspaper via my smartphone and it said:

32K = top 50%
64.7K = top 25
109K = top 10
153K = top 5
388K = top 1

I thought top 50 and 25 require more money than that.

 

[Capt Caveman]

Is that the median or average?

 

[MiniDoom]

texas income? maybe...

 

[Vette73]

Factor in a lot of states 30k+ is a good income, part-time workers, senior citizens, etc.. and that brings the numbers down.

 

[Engineer]

Originally posted by: Svnla
So I read an article of Austin TX newspaper via my smartphone and it said:

32K = top 50%
64.7K = top 25
109K = top 10
153K = top 5
388K = top 1

I thought top 50 and 25 require more money that that.

Median income has actually slipped over the last few years, especially after adjusting for inflation.

The top 50% pay 96.7% of all taxes and the bottom 50% pay the rest! :Q

 

[Suspicious-Teach8788]

http://en.wikipedia.org/wiki/P...e_in_the_United_States

 

[HaiBiss]

That shows some bad times are ahead

 

[spidey07]

Originally posted by: Marlin1975
Factor in a lot of states 30k+ is a good income, part-time workers, senior citizens, etc.. and that brings the numbers down.

This.

So it's not low at all. Need to keep it to full time workers ONLY.

 

[nwfsnake]

That makes perfect since given that half of Americans are below average!

 

[Svnla]

Originally posted by: Capt Caveman
Is that the median or average?

It didn't say. This is what was in the article:

"According to the most recent analysis of IRS data .....an income of $153K would put you in the top 5 percent of taxpayers" and the rest were just what I typed earlier.

 

[BlahBlahYouToo]

basically means there's a lot of poor people in the US.

 

[Nitemare]

got to factor in the people who live in BFE and the minimum wage earners.

 

[MagnusTheBrewer]

Originally posted by: BlahBlahYouToo
basically means there's a lot of poor people in the US.

This

Also, there are a lot of factors that tend to make policy makers unaware/disbelieving of the financial state of the country as a whole. Lack of travel, disregard for other cultures and, artificially inflated economies on the coasts, color the perceptions and thus actions of politicians and financial pundits.

 

[Queasy]

Originally posted by: BlahBlahYouToo
basically means there's a lot of poor people in the US.

Which is relative or course. $32k won't do much in NYC or LA but in small town mid-west or south, it isn't bad. And even those considered to be in poverty in the United States are still better off than just about anywhere else in the world.

 

[Injury]

Originally posted by: Marlin1975
Factor in a lot of states 30k+ is a good income, part-time workers, senior citizens, etc.. and that brings the numbers down.

Don't forget that it also factors in all of the teenagers that work only a few hours a week and people still in school that have to file taxes but don't work at all.

 

[chuckywang]

economy FTL

 

[nageov3t]

I could have lived like a king on 30k in the town where I went to college... here in NJ, I don't think 30k would pay for my hole in the wall 700 sq-ft apartment.

 

[Engineer]

Originally posted by: Injury

Originally posted by: Marlin1975
Factor in a lot of states 30k+ is a good income, part-time workers, senior citizens, etc.. and that brings the numbers down.

Don't forget that it also factors in all of the teenagers that work only a few hours a week and people still in school that have to file taxes but don't work at all.

The wiki information posted above states for 25 year olds (and older).

 

[Queasy]

Originally posted by: chuckywang
economy FTL

These numbers are relatively unchanged since well before the slow-down/down-turn in the economy. What has changed is how much of the upper 50%, upper 25%, etc shoulder the income tax burden. That has actually gotten more and more progressive.

 

[Slew Foot]

Is this household income or individual?

 

[SlowSpyder]

Remember that next time you're told that only the wealthy will be taxed. I think sometimes the definition of 'wealthy' from a politician isn't what I'd consider 'wealthy'.

 

[miketheidiot]

Originally posted by: Queasy

Originally posted by: chuckywang
economy FTL

These numbers are relatively unchanged since well before the slow-down/down-turn in the economy. What has changed is how much of the upper 50%, upper 25%, etc shoulder the income tax burden. That has actually gotten more and more progressive.

not necessarily. The share of income earned by the top 50% and particularily the top 5% and higher has increased much faster than the lower 50%, how adjusted for inflation earned about the same or less than they did a decade ago.

 

[Dr. Detroit]

Originally posted by: Slew Foot
Is this household income or individual?

Individual -

Household Median is around $44-48K.

 

[IEC]

Originally posted by: Injury

Originally posted by: Marlin1975
Factor in a lot of states 30k+ is a good income, part-time workers, senior citizens, etc.. and that brings the numbers down.

Don't forget that it also factors in all of the teenagers that work only a few hours a week and people still in school that have to file taxes but don't work at all.

Minimum wage earners only make up a few % of the population though.

When I lived in Texas, my family made less than 30K/year (dad doing doctoral work, mother working part-time). We lived comfortably, though we did not get to save much money up.

 

[Engineer]

Originally posted by: Queasy

Originally posted by: chuckywang
economy FTL

These numbers are relatively unchanged since well before the slow-down/down-turn in the economy. What has changed is how much of the upper 50%, upper 25%, etc shoulder the income tax burden. That has actually gotten more and more progressive.

And the top end incomes are even more progressive than the taxation.