As he did in last year’s budget, President Obama has called for a cap on retirement accounts, even though the personal savings rate in America hovers in the low single digits. Obama has added a provision to encourage...
- Monday Map: Percentage of Taxpayers with AGI over $500,000
Monday Map: Percentage of Taxpayers with AGI over $500,000
A few months ago we published a map showing the percentage of filers in each state earning over $200,000. We used the $200,000 figure because of the way the IRS publishes income tax data by state - they don't subdivide their tax data further - and it was the closest figure to President Obama's proposal to let the Bush tax cuts expire for families making over $250K.
The Fiscal Cliff compromise that passed a few days ago uses a higher threshold for most of the expired tax cuts - $400,000 (for single filers) and $450,000 (for joint filers.) The nearest threshold it's possible to do a map of IRS data with is $500,000, so below, by state, is a map showing the percentage of tax returns with adjusted gross income (AGI) over $500,000.
Click on the map to enlarge it.
View previous Monday maps here.
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