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Originally Posted by Mikado
Maybe I missed the link, but does anyone have one showing $300k/year to be in the top 1%? How is that number determined? Is it based on a national average? That number seems a bit low for the top 1% in the country.
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I think I did give that link earlier, but I don't know how far back it is. Here it is again:
http://www.irs.ustreas.gov/pub/irs-soi/01in01ts.xls
It's a table from the IRS that has summaries from '86-'01, so the information is 3 years old but I doubt it has changed by more than 10-15%. It's the second table, thrid column, bottom row. It is also the adjusted gross income so that would be after deductions (maybe writeoffs and some loopholes too). It's also the cutoff point for the top 1%, not an average. That's where I've been getting all my numbers from.