We hear about the top 1% all the time. Who are these 1%?
The most frequently represented occupations of taxpayers in the top 1% of US taxpayers, according to IRS data, include: corporate executives, financial professionals, doctors, lawyers and a broad category of occupations that includes technical, scientific, computer, math and engineering jobs.
At $428,713 annual income, a taxpayer makes the cut and is included in the top 1% of income earners. Most of these people should be given medals for their productivity and their contribution to society in the form of all the taxes they pay. The top 1% earned 19% of all the income reported to the IRS (2013) and paid 38% of all federal income taxes.
– Mark S Gleason CPA