Income
- Households making $1 million or more account for just 1 in 364 .2% taxpayers, yet they captured an astonishing 36.1 percent of the total real increase in incomes in America from 2006 to 2007, according to my analysis of new data. Even among the rich, most of the gains went to the very top. Just 18,400 taxpayers make more than $10 million, yet they captured every fifth dollar of increased income going to the whole nation -- and then some. Indeed, this thinnest and richest slice of Americans, just one household in 7,700, pocketed 22.3 percent of the entire national increase.
Table 1. Average Incomes by Income Group, 1980 to 2007 [includes capital gains] Comparing Average Income of Most to Top Earners ------------------------------------------------------------------------------------------- Income Group 0-90% 90-95% 95-99% 99-99.5% ----------------------------------------------------------------------------------------- 1980 $29,797 $94,075 $134,839 $235,651 1990 $29,663 $102,915 $156,518 $301,139 2000 $32,978 $124,641 $213,641 $460,678 2001 $32,323 $120,936 $199,477 $410,818 2002 $31,215 $117,526 $190,076 $383,527 2004 $31,125 $119,668 $198,553 $419,239 2005 $31,318 $121,930 $207,894 $452,258 2006 $31,528 $125,831 $213,600 $471,207 2007 $32,421 $128,560 $220,105 $486,395 1980 to 2007 change $2,624 $34,485 $85,267 $250,744 Percent change 8.8% 36.7% 63.2% 106.4% 2000 to 2007 change $(557) $3,918 $6,464 $25,717 Percent change (1.7)% 3.1% 3.0% 5.6% ----------------------------------------------------------------------------------------- Income Group 99.5-99.9% 99.9-99.99% 99.99-100% ----------------------------------------------------------------------------------------- 1980 $383,543 $972,329 $5,236,852 1990 $569,273 $1,725,190 $10,378,717 2000 $931,609 $3,653,296 $28,738,549 2001 $784,914 $2,735,152 $19,507,508 2002 $712,224 $2,333,103 $17,361,653 2004 $820,109 $2,974,824 $22,691,819 2005 $925,657 $3,549,692 $27,975,648 2006 $983,594 $3,812,256 $30,570,215 2007 $1,021,643 $4,024,583 $35,042,705 1980 to 2007 change $638,101 $3,052,254 $29,805,853 Percent change 166.4% 313.9% 569.2% 2000 to 2007 change $90,034 $371,287 $6,304,156 Percent change 9.7% 10.2% 21.9% ----------------------------------------------------------------------------------------- Source: Prof. Emmanuel Saez from IRS.
- "The top 400 taxpayers posted an average of $153.7 million in gains each (or a total of $61.5 billion in gains) down from $228.6 million (or a total of $91.4 billion) in 2007. As a result, the average adjusted gross income of the 400 declined nearly 22% to a mere $270.5 million, from a record $344.8 million for 2007. It was still the second highest on record, topping 2006’s average AGI of $263.3 million. The cut-off for making the top 400 in 2008 was AGI of $110 million, down from $139 million in 2007."
Average Itemized Deductions - United States AGI(000)Medical Taxes Interest Contributions Total $15-30 $5,390 $2,270 $5,442 $1,338 $10,306 30-50 4,226 3,112 5,716 1,465 10,938 50-75 4,722 4,428 6,587 1,768 13,194 75-100 6,544 6,171 8,063 2,286 16,896 100-200 12,277 9,758 11,107 3,433 23,870 200+ 32,113 36,076 25,046 16,882 65,871
from: average itemized deductions
irs top 400 http://www.irs.gov/pub/irs-soi/07intop400.pdf
mitt romney's teachable moment on capital gains good quotes to counter the anti-capgains tax rhetoric
In 2010, the average person with income under $200,000 had a capital loss, not a gain. Only the top 10 percent had gains on average, and people earning over $1 million had $258 billion of the $261 billion of net gains reported on tax returns. That is 97% of the gains went to people earning over $1 million. In 2008, Janet Novack reports, the richest 400 taxpayers–income over $110 million–earned 13.1% of capital gains.
http://dspace.mit.edu/bitstream/handle/1721.1/63740/incomeinequality00feen.pdf?sequence=1
http://www.taxfoundation.org/news/show/250.html#table3
http://www.measuringworth.com/calculators/uscompare/
peoples guide to federal budget
http://rationalrevolution.net/articles/american_income_taxation.htm
http://elsa.berkeley.edu/~saez/saez-UStopincomes-2006prel.pdf
http://www.irs.gov/taxstats/index.html
Percetile Labor Capital Transfer 10th $4,615.4 $601.8 $5,212.7 30th $18,173.1 $3,836.5 $7,442.3 50th $35,277.8 $8,092.6 $6,388.9 70th $67,109.0 $13,597.2 $4,834.1 88.5th $110,299.4 $24,347.3 $3,592.8 97.5th $148,421.1 $67,333.3 $3,789.5 100th $594,545.5 $535,454.5 $6,545.5
http://elsa.berkeley.edu/~saez/saezJEEA-PP05us-canada.pdf
