Ilya Marritz covers business for WNYC.
In City, the 1 Percent Take Home $493K or More
Monday, December 12, 2011 - 06:15 PM
A new analysis shows exactly how much money New York City's so-called "one percent" make: $493,439 a year, at minimum.
Councilman James Oddo, Republican of Staten Island, requested the information from the city's Independent Budget Office.
"I was hoping that the IBO could assist us in separating the truth from the rhetoric," Oddo said, adding that some Occupy Wall Street protesters have the wrong idea about what is "fair."
The IBO report says the top 10 percent of earners account for 71 percent of the city's income tax revenue.
"I have constituents who come up to me who are certainly far from one percent, who believe that they're over-taxed and have resented being lumped in with 'rich,'" Oddo said.
Yet the study also gives credence to the protesters' complaints about the wealth gap: half of New York households are getting by on $28,000 a year or less.
All figures are from 2009, the most recent year available.