New York is where the 1 percent live -- and they have the tax returns to prove it. Nine of the 10 most heavily taxed neighborhoods in the U.S. are in the city’s metropolitan area, Internal Revenue Service data show. The nine neighborhoods, which range from Manhattan to Fairfield County, Connecticut, accounted for 0.2 percent of all federal income-tax filers in 2008, the latest year for which data... [more]
New York is where the 1 percent live -- and they have the tax returns to prove it. Nine of the 10 most heavily taxed neighborhoods in the U.S. are in the city’s metropolitan area, Internal Revenue Service data show.
The nine neighborhoods, which range from Manhattan to Fairfield County, Connecticut, accounted for 0.2 percent of all federal income-tax filers in 2008, the latest year for which data are available, according to IRS statistics compiled by Bloomberg. They paid 1.6 percent of all individual income taxes, eight times their proportionate share of the filing population.
http://www.bloomberg.com/news/2011-11-22/taxman-preoccupies-wall-street-to-upper-east-side-in-irs-levies.html
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Response by jordyn
about 14 years ago
Posts: 820
Member since: Dec 2007
Wow, that is some bad reporting. What fraction of income were in those counties? It's impossible to say whether the share of taxes is reasonable or not without that data point.
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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010
>It's impossible to say whether the share of taxes is reasonable or not
Maybe that isn't the OP's point.
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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009
In any event, this is the sort of data that utterly rebuts the idiotic canard that "$250,000 a year is not rich in Manhattan." Of course it isn't, since SO MANY people are rich here. Filthy rich. Its like a French Baron living in Versailles in 1750 complaining that he is not rich compared to all the Marquises and Dukes.
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Response by matsonjones
about 14 years ago
Posts: 1183
Member since: Feb 2007
"...Utterly rebuts the idiotic canard that "$250,000 a year is not rich in Manhattan...."
After taxes leaves maybe $135,000.
Annual rent or mortgage/maintenance for the Manhattan family home is $60,000 (not going too crazy with that number) leaving $75,000 for the entire year.
Leaves about $1,450/week for kid's schooling, all food, transportation, clothing, insurance, utilities, entertainment, etc. Assuming you have all health/dental/optical care costs full covered. Not to mention hopefully some savings out of that too.
$250,000 annually for a family - in NYC/Manhattan - isn't rich. It's middle class at best.
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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009
Only because so many rich people live here.
You don't NEED to send you kids to private school. You don't even NEED to live in Manhattan! You can spend half as much on housing living in Forest Hills, Riverdale, etc.
$250,000 is not "rich" in Newport Beach, Kensignton in London, or Malibu either. Wonder why? Oh yeah that's right because they are WEALTHY AREAS.
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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009
And trust me, I know first hand that you would be left with more than $135k after taxes if your gross was $250k. You are confusing marginal with effective tax rates, dummy.
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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010
Our mentally impaired friend from East Harlem has found himself another "dummy". Strap on the helmet.
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Response by crescent22
about 14 years ago
Posts: 953
Member since: Apr 2008
Such an asshole you are, jay. And consistently so, too.
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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009
Why? Because I point out the true statement that Manhattan below 96th is one large wealthy neighborhood? That's offensive to you?
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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009
Or because I correctly state that You can't get to $135k post-tax income from $250k pre-tax income given that the top marginal rate in Manhattan is 43.3% net of Federal deductions?
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Response by crescent22
about 14 years ago
Posts: 953
Member since: Apr 2008
neither. facts do not make an asshole.
and it's 43.4% rounded.
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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010
>facts do not make an asshole.
love it.. jason is busy hitting his head against the rubber room to come up with a reply.
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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009
No, I have things to do on Thanksgiving besides check SE every five seconds.
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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010
I wonder who Jason is talking to, since he says he ignores me. Maybe the retard helmet is on too tight again and he's just muttering to the orderly.
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Response by jordyn
about 14 years ago
Posts: 820
Member since: Dec 2007
"Leaves about $1,450/week for kid's schooling, all food, transportation, clothing, insurance, utilities, entertainment, etc. Assuming you have all health/dental/optical care costs full covered. Not to mention hopefully some savings out of that too."
You realize that's more than most households make *total*? (Before taxes, before housing, etc.) You've got to be pretty out of touch to assert that you're middle class at best when your pocket money is more than the middle class's gross.
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Response by Truth
about 14 years ago
Posts: 5641
Member since: Dec 2009
jordyn: That's my point.
Being "rich" is all relative.
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Response by Truth
about 14 years ago
Posts: 5641
Member since: Dec 2009
jason is socking away his$.
He will be living in California at Newport Beach.
As my Brit friends say:"Good on ya, jason."
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Response by Riversider
over 12 years ago
Posts: 13572
Member since: Apr 2009
Maybe the IRS HAS A BONE TO PICK WITH NY. They do a have a history of being arbitrary and whisical with who they target...
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Wow, that is some bad reporting. What fraction of income were in those counties? It's impossible to say whether the share of taxes is reasonable or not without that data point.
>It's impossible to say whether the share of taxes is reasonable or not
Maybe that isn't the OP's point.
In any event, this is the sort of data that utterly rebuts the idiotic canard that "$250,000 a year is not rich in Manhattan." Of course it isn't, since SO MANY people are rich here. Filthy rich. Its like a French Baron living in Versailles in 1750 complaining that he is not rich compared to all the Marquises and Dukes.
"...Utterly rebuts the idiotic canard that "$250,000 a year is not rich in Manhattan...."
After taxes leaves maybe $135,000.
Annual rent or mortgage/maintenance for the Manhattan family home is $60,000 (not going too crazy with that number) leaving $75,000 for the entire year.
Leaves about $1,450/week for kid's schooling, all food, transportation, clothing, insurance, utilities, entertainment, etc. Assuming you have all health/dental/optical care costs full covered. Not to mention hopefully some savings out of that too.
$250,000 annually for a family - in NYC/Manhattan - isn't rich. It's middle class at best.
Only because so many rich people live here.
You don't NEED to send you kids to private school. You don't even NEED to live in Manhattan! You can spend half as much on housing living in Forest Hills, Riverdale, etc.
$250,000 is not "rich" in Newport Beach, Kensignton in London, or Malibu either. Wonder why? Oh yeah that's right because they are WEALTHY AREAS.
And trust me, I know first hand that you would be left with more than $135k after taxes if your gross was $250k. You are confusing marginal with effective tax rates, dummy.
Our mentally impaired friend from East Harlem has found himself another "dummy". Strap on the helmet.
Such an asshole you are, jay. And consistently so, too.
Why? Because I point out the true statement that Manhattan below 96th is one large wealthy neighborhood? That's offensive to you?
Or because I correctly state that You can't get to $135k post-tax income from $250k pre-tax income given that the top marginal rate in Manhattan is 43.3% net of Federal deductions?
neither. facts do not make an asshole.
and it's 43.4% rounded.
>facts do not make an asshole.
love it.. jason is busy hitting his head against the rubber room to come up with a reply.
No, I have things to do on Thanksgiving besides check SE every five seconds.
I wonder who Jason is talking to, since he says he ignores me. Maybe the retard helmet is on too tight again and he's just muttering to the orderly.
"Leaves about $1,450/week for kid's schooling, all food, transportation, clothing, insurance, utilities, entertainment, etc. Assuming you have all health/dental/optical care costs full covered. Not to mention hopefully some savings out of that too."
You realize that's more than most households make *total*? (Before taxes, before housing, etc.) You've got to be pretty out of touch to assert that you're middle class at best when your pocket money is more than the middle class's gross.
jordyn: That's my point.
Being "rich" is all relative.
jason is socking away his$.
He will be living in California at Newport Beach.
As my Brit friends say:"Good on ya, jason."
Maybe the IRS HAS A BONE TO PICK WITH NY. They do a have a history of being arbitrary and whisical with who they target...
http://swampland.time.com/2013/05/14/anger-over-irs-audits-of-conservatives-anchored-in-long-history-of-abuse/