Is Your Income/Tax Picture Common or Uncommon?

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on whatsapp
Share on pinterest
Share on email
A VPN is an essential component of IT security, whether you’re just starting a business or are already up and running. Most business interactions and transactions happen online and VPN

Jim Lorenzen, CFP®, AIF®

6a017c332c5ecb970b0192ac851ba2970d-320wiIs your income common or uncommon?  

Most of us think our income is pretty normal, according to most of the studies I’ve seen.  That may be because we see our neighbors living in the same neighborhood we do; driving the same type of car; and probably making similar incomes.  The people we hang out with are probably similar to us, too.   Sure, we know there are people who are poor and others who are filthy-rich; but, that doesn’t mean our incomes are uncommon…. or does it?

How much money do you have to make to be in the top 1%? – the 1-percenters we all hear about.  How about the top 10% or even the top half of all Americans?   And, how much of the total tax revenue do people who are like you contribute?

According to MoneyTrax®, Inc., these are the numbers (rounded-off):

The Top__%

Total HH Income % of Total Tax Revenue Paid

1

$369K+ 37

5

$161K+ 59

10

$116K+

71

25 $69K+

87

50 $34K+

97

So, not only are those who’s combined household income totals $69,000 or more in the top 25% of all households, they’re also paying 87% of tall the income taxes paid.

With our national debt now over $18 trillion and with the handwriting on the wall – have you ever seen Congress lower the debt ceiling? – there may be a message for the  Baby-Boomers who are getting within ten years of retirement:  It just might (I’m being kind) get worse.

Do you have a plan?  It might be a good time to start.

 

Jim

————————————

Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.  IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

Opinions expressed are those of the author.  The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

Jim's picture
Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.

Schedule Your
20-Minute “Right Fit” Introductory Call Now!

Recent Posts

Archives

Schedule Your 20-Minute
“Right Fit” Introductory Call Now!