A group of professors recently released a study that finds insufficient discussion of the total cost of taxes in public finance textbooks. They find that common textbooks fail to fully include the total cost of taxes...
- 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.
Subscribe to the Tax Foundation Newsletter
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.