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> The top 0.01 percent captured 37 percent of these additional earnings, gaining an average of $4.2 million per household. I just want to thank the author for

> The top 0.01 percent captured 37 percent of these additional earnings, gaining an average of $4.2 million per household. I just want to thank the author for separating the 1% form the 0.01% The 1% is the upper middle class, the actual "American Dream" fulfillers, and they are getting a lot of heat that was deftly deflected away from the 0.1% and upper echelons of aristocracy, because most reporters are too lazy to think about logarithms.

azylman 14y ago
The 1% is the upper middle class Errr... how much income do you think makes you 1%? Hint: it's $150k/yr. That's not "upper middle class". I understand that there are a lot of people here that might make that, close to it, or more because software is very lucrative, but don't let that skew your perception of the world.
- Jach 14y ago
  Where's your $150k coming from? The figure I usually hear cited is $350k, though that's for "household income". Adding to your main point though, it's also worth pointing out that $150k in, say, downtown New York is pretty different from $150k in, say, Cheyenne, Wyoming. But I'd still call both "upper-middle class." Maybe it's near the lower-fuzzy-boundary of "upper middle class", but I don't see how you think it's a classic "middle class" salary. It's certainly not an "upper class" salary.
  - twoodfin 14y ago
    These numbers all come from the IRS. $150k around the top 1% for single/separate filers. $350k is married filers.
    - omd 14y ago
      According to the IRS the top 1% overall is $318k, according to the CBO it's $282k. http://www.irs.gov/uac/SOI-Tax-Stats---Individual-Statistical-Tables-by-Size-of-Adjusted-Gross-Income http://www.irs.gov/uac/SOI-Tax-Stats---Individual-Statistica... http://www.cbo.gov/publication/43373 http://www.cbo.gov/publication/43373
  - randomdata 14y ago
    $190K is the number for that I've always heard thrown around for individuals, which, if both parties in the household are earning that much, easily adds up to $350K and more.

azylman 14y ago

The 1% is the upper middle class Errr... how much income do you think makes you 1%? Hint: it's $150k/yr. That's not "upper middle class". I understand that there are a lot of people here that might make that, close to it, or more because software is very lucrative, but don't let that skew your perception of the world.

Jach 14y ago
Where's your $150k coming from? The figure I usually hear cited is $350k, though that's for "household income". Adding to your main point though, it's also worth pointing out that $150k in, say, downtown New York is pretty different from $150k in, say, Cheyenne, Wyoming. But I'd still call both "upper-middle class." Maybe it's near the lower-fuzzy-boundary of "upper middle class", but I don't see how you think it's a classic "middle class" salary. It's certainly not an "upper class" salary.
- twoodfin 14y ago
  These numbers all come from the IRS. $150k around the top 1% for single/separate filers. $350k is married filers.
  - omd 14y ago
    According to the IRS the top 1% overall is $318k, according to the CBO it's $282k. http://www.irs.gov/uac/SOI-Tax-Stats---Individual-Statistical-Tables-by-Size-of-Adjusted-Gross-Income http://www.irs.gov/uac/SOI-Tax-Stats---Individual-Statistica... http://www.cbo.gov/publication/43373 http://www.cbo.gov/publication/43373
- randomdata 14y ago
  $190K is the number for that I've always heard thrown around for individuals, which, if both parties in the household are earning that much, easily adds up to $350K and more.