(Courtesy of our Facebook friend Rushe): According to a handy income calculator provided by newser.com, in order to qualify as one of the one percent, your annual household income must be $560,000 or more. Tall order, that — but: to be in the top 10%, your level is much more modest. In fact, a combined household income of just $160,000 puts you on top of 90% of all US households.
That means a married couple with both spouses working (very few of those, right?) need only earn $80,000 each to qualify. Well, guess what? $80,000 a year is exactly the median income of a New York City resident. And the percentage of dual income families nationally is a whopping 42%.
This is a dicey extrapolation — but I suspect the percentage of dual-income famillies in New York City is significantly higher than tthe national average. And that would mean that at least 42% of median-earning New York households are in the nation’s top 10% earners.
Listen, folks — get out of town. You pay, in addition to federal income tax, a pretty hefty state and New York City income tax of about 9.5% to 10%, and with what you have left, you pay an 8.75% sales tax (sounds pretty close to Herman’s 9, doesn’t it?). If you have kids, you’d better be sending them to private schools, if only for their physical safety. You can’t begin to afford this.
Oh — and there’s someone out there who thinks you aren’t doing your “fair share.”