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In City, the 1 Percent Take Home $493K or More

Monday, December 12, 2011

A new analysis shows exactly how much money New York City's so-called "one percent" make: $493,439 a year, at minimum.

In New York, the One Percent Take Home $493k And Up.
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% of earners account for 71% 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.

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.

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Comments [4]

Michael from New York City

$28,213 is the median income per tax filer, not per household. Filers can be single, married filing jointly, heads of household (single parents with children), widowed, or married filing singly, so the number of income earners that each tax return represents can vary greatly.

Dec. 15 2011 05:38 PM
Lilian from NY

actually 28,312 is the median income (it says so in the report)

Dec. 13 2011 04:25 PM
Rachel from Manhattan

It doesnt say the median income for New York was $28,00. It says that for 50% of households in the city, $48,000 was the income. Two different things. So don't be "shocked" because it seems you mis-read.

Dec. 13 2011 01:03 PM
Jack Jackson from Central New Jersey

I don't begrudge the 1%'ers their success and good fortune but I am shocked that in 2009 the median income for New York was $28,000. Surely, that must be a typo...That's only 60% of the national household median of $49,000!

Not to scare you folks but this is not a new event. If the average wage in 1962 of $4,200 had grown with the economy, average 2011 wage would be $108,000. Instead, it is only $41,000. The economy generates the dollars but the rich lay claim to far too much of what we all generate. That's $67,000 that the average earner does not get and $80,000 for the median NY household!

Fixing this will take years but it starts with the ability to see the problem.

Dec. 13 2011 12:35 PM

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