So you think you’re in the 1%?
Ever since the “Occupy Wall Street” movement started a few weeks ago, there has been a raging debate about who belongs to the 1% bracket. As far as I know, the old saying of “If you have to ask how much it is, you can’t afford it.” goes here.
If you have to ask if you’re in the 1% tax bracket, you aren’t, because this is what that looks like:
Capitalist class (1%)
Multi-millionaires whose incomes commonly exceed $350,000; includes celebrities and powerful executives/politicians. Ivy League education common.
As of 2005, there were approximately 146,000 (0.1%) households with incomes exceeding $1,500,000, while the top 0.01% or 11,000 households had incomes exceeding $5,500,000. The 400 highest tax payers in the nation had gross annual household incomes exceeding $87,000,000
Here’s an excellent article on the 1% bracket from Vanity Fair:
I don’t know any of these people. I don’t know anyone who does, or that you do, either-and it’s pretty safe to say that none of us is ever going to rub shoulders with them.
So let’s just take it for granted that 99% of the United States falls into this category by sheer circumstance, no matter how ‘well off’ or lucky one is. Being smart, or lucky doesn’t count for much any more, and neither does hard work. Most of the 1% inherited their wealth. That’s a fact.
So in the end, we’re just not the people that constitute the 1% tax bracket, never will be, and that’s where the reality is.