October 31, 2019
Here’s a spooky thought for Halloween: According to this article at Business Insider, the income needed to enter the top one percent of U.S. taxpayers hit $515,371 in 2017, up 7.2 percent from a year earlier, and 33 percent from 2011, when Occupy Wall Street protesters rallied under the sign “We are the 99 percent.”
Two more tidbits from the article: One, the median taxpayer’s income in 2017 was $41,740, and had grown 20% since 2011. But the threshold to join the top 1% grew by 33% in the same time period. Two, the widening wealth gap could cost the economy between $1 trillion and $1.5 trillion between 2019 and 2028.