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 taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. 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 incomeFor individuals, gross income is the total pre-tax earnings from wages, tips, investments, interest, and other forms of income and is also referred to as “gross pay.” For businesses, gross income is total revenue minus cost of goods sold and is also known as “gross profit” or “gross margin.” (AGI) over $500,000.
Click on the map to enlarge it.
View previous Monday maps here.
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