Monday, January 26, 2015

Arkansas: Easiest state to be a 1 percenter

Posted By on Mon, Jan 26, 2015 at 11:19 AM

click to enlarge onepercenters.jpg

Here from The New Republic is
a good news/bad news kind of report about Arkansas.

It takes less annual income to be in the top 1 percent in Arkansas than any other state — $228,000. So elitism is within reach. The downside, of course, is our overall poor ranking. Remember that 40 percent of Arkansas income tax filers make less than $21,000. Gov. Asa Hutchinson apparently views them as lucky ducks. He hasn't included them in his proposed income tax bill, focusing instead on people making $21,000 to $75,000. To Hutchinson's credit, he is taking away a top bracket tax cut and capital gains cut for the highest-paid taxpayers.

More good news for Arkansas 1 percenters from the report:

The remaining states in which the top 1 percent captured half or more of income growth between 2009 and 2012 include Alabama (where 98.9 percent of all income growth was captured by the top 1 percent), Illinois (97.2 percent), Texas (86.8 percent), Arkansas (83.7 percent), Michigan (82.0 percent), New Jersey (80.5 percent), Maryland (80.5 percent), Nebraska (74.9 percent), Kansas (74.4 percent), Ohio (71.9 percent), Wisconsin (69.6 percent), Oklahoma (69.2 percent), Tennessee (68.5 percent), Iowa (65.0 percent), Georgia (63.6 percent), New Hampshire (59.5 percent), Arizona (59.0 percent), Maine (58.3 percent), Oregon (57.3 percent), Utah (56.6 percent), Minnesota (56.0 percent), and South Dakota (53.4 percent).

Noted: The AVERAGE income of the top 1 percent was $895,8444. I guess the Walton billionaires left the overall average considerably. The average income of the remaining 99 percent of taxpayers is $34,179. Arkansas ranked 13th in inequality, with the average for 1 percenters 26.2 times that of the bottom 99 percent.

More fun with Arkansas numbers: The top tenth of one percent income earners all make more than $6.7 million, with their average income about $30.8 million. With 1.2 million taxpayers, that means about 1,200 people in Arkansas are making more than $6.7 million a year. 

From 1979 to 2007, Arkansas's real income grew 35 percent. But income in the top 1 percent grew by 121.6 percent, while it grew only 25.6 percent for the bottom 99 percent. The 1 percent captured 34 percent of all income growth.

Bottom line: Income inequality has reached a point it hasn't seen since the 1920s.

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