Sunday’s New York Times carried an article about the top “1%” of all income earners, the target of the “Occupy Peoria” movement. I wrote this iin a blog on Dec 22, so beat the Times by some three weeks. The Times put the entry level income at $380,000 and I put it at $320,000 with both of us noting that this is a difficult number to establish. As did I, the Times noted that medical doctors are the largest profession in the “1%.”
The Times stated that the top “1%” earn some one fifth of all income which I showed in a blog last November. However, the Times said the group paid one fourth of all Federal taxes while I noted that it pays 38 percent of Federal income taxes. The difference probably lies in the Times referring to “all Federal taxes” while I limited my figure to just “income” tax.
I am glad to have the Times confirm my information. But if you want to read it first, read it here, not in the New York Tmes.
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Really? Post hoc, ergo propter hoc.
P.S. Why is my comment to your previous post still under moderation?
Your post was under moderation because it had a link in it.
Leo–in a current article in the January/February 2012 issue of The Atlantic by Megan McArdle on recent graduates (ten years ago) from the University of Chicago Booth School of Business she makes the point that entry into the 1% within the U.S in 2007 was $410,096, and that as of 2009 the entry point was $343,927.
John
John
Both the NY Times and I cautioned in coming to an entry point for the “1%” that the number was hard to define. President Obama’s cut off for the “rich” is $250,000 which puts one in the top 1.5%.