How Your Income Compares to Others
Kiplinger recently reported that if you make $35,000 per year you are in the top half of U.S. taxpayers (according to 2007 data).
If you make over $66,532, you earn more than 75% of all taxpayers. If you make over $113,018 you are in the top 10%. Interestingly, the top 1% which is an income over $410,096 pays 40% of total income taxes paid to the government.
Kiplinger also found that nearly 50 million Americans struggled to get enough to eat in 2008. Additionally, more than 40 million American are officially living in poverty.
In 2008, a single person under age 65 with an income of $11,201 or less or $1,000 per month is considered by the government to be in poverty. A family of four and six, the income is $21,834 and $28,769, respectively.
See chart below to see how you compare.
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