wow! we are poor

[...] is an update to my post previously about income in the United States.  Based on 111,617,402 households in the US as of [...]

What p-e-r-c-e-n-t-a-g-e of U.S. taxes are paid by the 5,309 Americans (0.004%) in the $100,000,000 tax bracket ?????

The 2002 chart (above) is “130,076,445 Total income tax returns from 2002″, while Evalynn’s website has “Selected Characteristics of Households, by Total Money Income in 2007″ for 116,783 Households. So we have an ‘Apples and Oranges’ situation where you can not appropriately make comparisons.

I like the clear, concise format of the 2002 chart, however the column headings “Americans” and “% of Population” should be “Taxpayers” and “% of Taxpayers”.

The 2006 website Evalynn gave is more current, but only covers 116,783 Households, has too, too much other information. Unfortunately the income groupings are not as clear as the original 2002 chart. The first 3 income groups ($1 – $100, 000) have been divided into 40 groups each covering a $2500 range, while the top 8 income groups ($100,000 – $10,000,000+) are lumped together into 1 group covering at least a $10,000,000 range, or is it $100,000,000 plus!

An update of the 2002 chart, using the same groupings – or better yet, splitting the $200,000 – $500,000 into $200,000 – $250,000 and $250,000 – $500,000, would be best for comparisons and income trend evaluations, especially since the new administration has drawn a line at the $250,000 income level.

Neither table has total population, total of all income, and % of total income (per group). An additional column for ‘% of all income’ and a final row for totals would complete the 2002 style table. It would be desirable for such a Table to be available for each year, inflation adjusted income groups would be needed if these tables would cover from as far back as possible, at least form the Gilded Age of the late 1800s, certainly from 1929 through the present.

When making comparisons don’t forget that dollar figures, even if both charts showed the same breakdowns, do not take into account the reduced value of 2007 vs 2002 dollars’ buying power due to the higher cost of living (inflation). Also the same dollar values, even if inflation adjusted, would reflect reduced ‘wealth’ due to the higher standard of living.

Yes Dude,

I do agree with that point, and it is still valid.

What I was trying to say is that we still need that information in a more complete way (the additions I suggested) and on an ongoing (yearly) basis, rather than one time (2002).

Yearly versions of the table would better illustrate the poiint.

My hope was that whoever put together the 2002 table would revive and update it annually. Was that you?

Perhaps an economics major could put together the table for all the years past as part of a thesis.

Better yet, the Obama administration should have the IRS do it. Currently it seems that the IRS focuses on splitting up $100,000 and less into 40 meaningless subgroups, while obscuring income stratification data for $100,000 and up in 1 meaningless group.