Illinois continues to struggle with its budget. The state’s most recent stopgap budget expired on December 31, 2016. To perhaps break up the political logjam, Illinois senators of both political parties have begun...
- The Tax Policy Blog
- Millionaire Status is Fleeting
Millionaire Status is Fleeting
Numerous studies have shown that millionaire status appears to be fleeting or episodic, because many people become millionaires as the result of a one-time event such as the sale of a business or stock. A recent Tax Foundation study found that between 1999 and 2007, about 675,000 taxpayers earned over $1 million for at least one year. Of these taxpayers, 50 percent (about 338,000 taxpayers) were a millionaire in only one year, while another 15 percent were millionaires for two years. By contrast, just 6 percent (38,000 taxpayers) remained millionaires in all nine years.
For more charts like the one below, see the second edition of our chart book, Putting a Face on America's Tax Returns.
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