How much do the top 1% in Oregon, Washington earn?
LAS VEGAS (KLAS) — What does it take to join the 1% club? It depends on where you live.
According to personal finance website SmartAsset.com, the top 1% earners are in the coastal states — on both the east and west coasts — where the big cities are.
At the top of the scale, you’ll find the highest thresholds for one percent in the Northeast, with Connecticut ($896,490), Massachusetts ($810,256), New York ($777,126) and the New Jersey ($760,462) in the lead. California rounds out the top five, where a resident would need a minimum income of $745,314 to be considered among the top 1%.
The study is based on 2018 IRS income data, with numbers adjusted to 2021 dollars using the Bureau of Labor Statistics’ Consumer Price Index.
The bottom five on the list include West Virginia ($350,212), Mississippi ($361,462), New Mexico ($384,427), Arkansas ($411,633) and Kentucky ($412,836 ).
Nationally, the top 1% earn twice the top 5%. The minimum income level required to join the top 1% nationwide ($597,815) is 2.48 times higher than the threshold needed to join the top 5% nationwide ($240,712), depending on the results.
But how much tax do the richest pay?
High earners pay a share of at least 25% of the total income tax in their states. Nevada’s one percenter pays the highest total share of income tax — 50.1% — of the 50 states. Nationally, the top 1% contribute 35.79% of all personal income taxes paid.