Income Equality

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Re: Income Equality

Postby Ken Carson » Tue Jul 31, 2018 8:22 am

Can anyone tell me (with link to data) what the joint household income floor is for the top 1% in America? We always have this conversation framed in percentages, but I’m curious about the actual dollars.
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Re: Income Equality

Postby Mountaineer Buc » Tue Jul 31, 2018 8:32 am

The Economic Policy Institute calculated how much money puts a household in the top 1% of income earners in each of the 50 US states. For the US overall, the income threshold required to be in the 1% of earners is $389,436, pre-tax.

https://www.businessinsider.com/top-one-percent-every-us-state-2016-11

In Florida, to be in the top 0.1% you need to pull just over 9.5 Million.
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Re: Income Equality

Postby Ken Carson » Tue Jul 31, 2018 1:34 pm

Thank you. I thought it would be higher.
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Re: Income Equality

Postby Zarniwoop » Tue Jul 31, 2018 1:42 pm

Ken Carson wrote:Thank you. I thought it would be higher.




This is the ridiculous thing about the cliched 1%. You have two working professionals like a doctor and a lawyer and they are in the 1%. It’s not just the Uber rich that inherited millions from their families.


The last few years because of his book deal Bernie is in the 1%. I wonder how he lives with himself? The 1% are evil, greedy people....right? I’m sure he is sending the govt the extra money he thinks the elite should be taxed at though....right?
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Re: Income Equality

Postby Mountaineer Buc » Tue Jul 31, 2018 1:44 pm

Ken Carson wrote:Thank you. I thought it would be higher.

Keep in mind that those numbers are wage data collected by the BLS. Anybody with a net income that high is likely to own some capital and a substantial investment portfolio as well which pushes incomes even higher and the wealth gap is far more egregious.

That's why the 1% hold 38% of all private wealth in the country while the bottom 90% hold 73% of all debt.
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Re: Income Equality

Postby Buc2 » Tue Jul 31, 2018 2:11 pm

How many people are in the 1%?

Michael, Ever-seeking, espying, scrutinizing, linking, epitomizing,
Answered Jun 18, 2018

Here’s the rub(s);

A) A very important point most people don’t realize is the 1% is measured by net worth NOT income. There are significant, to put it mildly, differences between the two. For example, someone could earn in year an amount that would put them in the 1% bracket, however as people like Allen Iverson or MC Hammer have infamously shown us, staying in that bracket is what really matters.)

1. When most people reference the 1%, they’re actually referring to the 1% of the 1% (or ‘the 0.001%). These are the blood-lines that have/will control global finance. And, you won’t find their names (for the most part) on ANY list(s). (Rockefeller, Rothschild, The House Of Saud, etc.) While you may see a couple individual members from families such as these on something like The Forbes 400 (US citizens only), which only reports the wealth held by one individual, the über-wealthy tend to ‘diversify’ (if you will) their vast fortunes in numerous ways (most of which have ever-fluctuating values that can’t be easily calculated; stocks, real-estate, gold, etc.), as well as distribute it to a number of family members [taxation-by-class is usually a fixed percentage (inheritance taxes, etc.) of the total; lower total = less tax].

2. The term “the 1%” is NOT simply 1% of the entire population; it refers to the number, calculated by the Federal Reserve, of classified, tax-paying households in the United States. So, the current, surveyed US population is 376,266,748 total, grouped into, again according to the Fed., roughly 126,000,000 households. 1% of 126 million is 1.26 million.

3. To get into “the 1%” bracket, at a minimum, a household’s net worth must be around $10,374,030.10 (Federal Reserve; Survey of Consumer Finances for all dollar amounts in this bullet point). To get into the sub-class of 0.1%, the household net worth must be about $43,090,281.00. To move up to the next sub-class, the 0.01%, a household net worth of at least 111 million dollars is required. Finally, and here is where it gets crazy; in order to be considered to be in the upper-echelon, the 0.001%, a household’s net worth must be at least 530 million dollars. Roughly, about 1400 households in the U.S.A. (remember; a household, as defined by the IRS, is a financial unit consisting of either a single person living alone or a group of people voluntarily living together) make up this elite group.

4. FUN FACTS - über-wealthy edition:

* The value of the Global Net Worth (combined wealth of every person on the planet) is nearly 250 trillion dollars, of which about 95 trillion dollars comes from the U.S.A.

* The top 10% control about 86% of all wealth on the planet. The top 1% control 46% of all wealth on the planet.

* John D. Rockefeller is considered to be the wealthiest person in human history. At the peak of his life, his net worth (in modern dollar value) totaled $663.4 billion. Over his lifetime, he donated 15% of his fortune to various charitable organizations totaling around $550 million, which in the dollar value of the present day would be just over 100 billion dollars. So, his donations were still more than the net worth of the individual who currently sits at #1 on the Forbes 400
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Re: Income Equality

Postby DreadNaught » Tue Jul 31, 2018 3:04 pm

Zarniwoop wrote:
Ken Carson wrote:Thank you. I thought it would be higher.




This is the ridiculous thing about the cliched 1%. You have two working professionals like a doctor and a lawyer and they are in the 1%. It’s not just the Uber rich that inherited millions from their families.


The last few years because of his book deal Bernie is in the 1%. I wonder how he lives with himself? The 1% are evil, greedy people....right? I’m sure he is sending the govt the extra money he thinks the elite should be taxed at though....right?


The 1% in America has more turnover generation to generation than any other country.
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Re: Income Equality

Postby Zarniwoop » Tue Jul 31, 2018 3:11 pm

I don’t find that the least bit surprising
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Re: Income Equality

Postby Mountaineer Buc » Tue Jul 31, 2018 3:16 pm

DreadNaught wrote:
Zarniwoop wrote:


This is the ridiculous thing about the cliched 1%. You have two working professionals like a doctor and a lawyer and they are in the 1%. It’s not just the Uber rich that inherited millions from their families.


The last few years because of his book deal Bernie is in the 1%. I wonder how he lives with himself? The 1% are evil, greedy people....right? I’m sure he is sending the govt the extra money he thinks the elite should be taxed at though....right?


The 1% in America has more turnover generation to generation than any other country.

I'd like to read about that if you got a link to something good.
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Re: Income Equality

Postby DreadNaught » Tue Jul 31, 2018 3:19 pm

Mountaineer Buc wrote:
DreadNaught wrote:
The 1% in America has more turnover generation to generation than any other country.

I'd like to read about that if you got a link to something good.

I read it the other day via an article shared on the @HumanProgress twitter handle.

Here's the LINK
Last edited by DreadNaught on Tue Jul 31, 2018 3:25 pm, edited 1 time in total.
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Re: Income Equality

Postby Mountaineer Buc » Tue Jul 31, 2018 3:23 pm

DreadNaught wrote:
Mountaineer Buc wrote:I'd like to read about that if you got a link to something good.

I read it the other day via an article shared on the @HumanProgress twitter handle. I'll find the link.

Cornell did a study on it back in 16'

Looks like they just retire to drop off the list. boooring.
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Re: Income Equality

Postby DreadNaught » Tue Jul 31, 2018 3:30 pm

Mountaineer Buc wrote:
DreadNaught wrote:I read it the other day via an article shared on the @HumanProgress twitter handle. I'll find the link.

Cornell did a study on it back in 16'

Looks like they just retire to drop off the list. boooring.


Just making the point the 1% isn't a static group like many critics seems to assume. Or to Ken's point, it's not some unreachable goal. Hell, my wife and I are close to that and she has a HS education and I have BS in Workforce Education I got while I took satellite courses online while in the Navy. My degree simply opened a door to qualify me for my current job as a pre-req.

To your point wage income is too limited a scope. Age and net worth are huge variable to also consider.

Raising wages is important for sure, but fiscal responsibility and financial planning are more important regardless of whether you make $45k/yr or $450k/yr. Too many people are living beyond their mean with frivolous purchases. If they would learn to live on 10% less and do that for 20-25 years they wouldn't need to gubmit to take care of them.
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Re: Income Equality

Postby The Outsider » Tue Jul 31, 2018 3:57 pm

Zarniwoop wrote:
Ken Carson wrote:Thank you. I thought it would be higher.




This is the ridiculous thing about the cliched 1%. You have two working professionals like a doctor and a lawyer and they are in the 1%. It’s not just the Uber rich that inherited millions from their families.


The last few years because of his book deal Bernie is in the 1%. I wonder how he lives with himself? The 1% are evil, greedy people....right? I’m sure he is sending the govt the extra money he thinks the elite should be taxed at though....right?



What reality do you live in where a run of the mill doctor and a run of the mill lawyer are banking ~4.5 million a year a piece?
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Re: Income Equality

Postby Zarniwoop » Tue Jul 31, 2018 4:06 pm

The Outsider wrote:
Zarniwoop wrote:


This is the ridiculous thing about the cliched 1%. You have two working professionals like a doctor and a lawyer and they are in the 1%. It’s not just the Uber rich that inherited millions from their families.


The last few years because of his book deal Bernie is in the 1%. I wonder how he lives with himself? The 1% are evil, greedy people....right? I’m sure he is sending the govt the extra money he thinks the elite should be taxed at though....right?



What reality do you live in where a run of the mill doctor and a run of the mill lawyer are banking ~4.5 million a year a piece?


There are two discussions going on simultaneously an income one ... which 1% is around $300K....and an aggregate wealth one $10M.



i specifically quoted Ken when he was talking about yearly income.
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Re: Income Equality

Postby The Outsider » Tue Jul 31, 2018 4:08 pm

Zarniwoop wrote:
The Outsider wrote:

What reality do you live in where a run of the mill doctor and a run of the mill lawyer are banking ~4.5 million a year a piece?


There are two discussions going on simultaneously an income one ... which 1% is around $300K....and an aggregate wealth one $10M.



i specifically quoted Ken when he was talking about yearly income.


Ah, I got mixed up. My bad.
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Re: Income Equality

Postby Zarniwoop » Tue Jul 31, 2018 4:10 pm

DreadNaught wrote: I have BS in Workforce Education.



Marxist
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Re: Income Equality

Postby DreadNaught » Tue Jul 31, 2018 4:47 pm

Zarniwoop wrote:
DreadNaught wrote: I have BS in Workforce Education.

Marxist

It was the easiest degree path. Only thing I retained was Maslow's hierarchy of needs.

But it didn't cost me a dime and I still have my full GI bill.

Speaking of which I need to enroll in somewhere so I can start collecting the $2k/month for the 36 months of education entitlements owed to me. That money is collecting interest for someone other than myself.
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Re: Income Equality

Postby Mountaineer Buc » Tue Jul 31, 2018 4:51 pm

DreadNaught wrote:
Zarniwoop wrote:Marxist

It was the easiest degree path. Only thing I retained was Maslow's hierarchy of needs.

But it didn't cost me a dime and I still have my full GI bill.

Speaking of which I need to enroll in somewhere so I can start collecting the $2k/month for the 36 months of education entitlements owed to me. That money is collecting interest for someone other than myself.

Take a class in Labor/Management relations.
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Re: Income Equality

Postby Zarniwoop » Tue Jul 31, 2018 4:54 pm

Mountaineer Buc wrote:
DreadNaught wrote:It was the easiest degree path. Only thing I retained was Maslow's hierarchy of needs.

But it didn't cost me a dime and I still have my full GI bill.

Speaking of which I need to enroll in somewhere so I can start collecting the $2k/month for the 36 months of education entitlements owed to me. That money is collecting interest for someone other than myself.

Take a class in Labor/Management relations.



^


Definitely....learn the tricks to screwing over organized labor and getting more money for the investors!!!!

:P
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Re: Income Equality

Postby Mountaineer Buc » Tue Jul 31, 2018 4:59 pm

Zarniwoop wrote:
Mountaineer Buc wrote:Take a class in Labor/Management relations.



^


Definitely....learn the tricks to screwing over organized labor and getting more money for the investors!!!!

:P

Funny thing is the only club missing from the bag on the management side is an actual club.

But they weild every other club so well, they're still under par.
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Re: Income Equality

Postby Zarniwoop » Tue Jul 31, 2018 5:01 pm

As they should be
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Re: Income Equality

Postby Mountaineer Buc » Tue Jul 31, 2018 5:01 pm

Anyway, it's like a bonus history course in business studies and one of the more interesting courses I ever took.
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Re: Income Equality

Postby Zarniwoop » Tue Jul 31, 2018 5:02 pm

It is a good course you get to see the history of some messed up laws we have had and some dumb as **** tactics used by both sides.


My dean is an I/O psych gal.
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