Fewer than 1% of Americans earn over 400K per year

Fewer than 1% of Americans earn over 400K per year

Don Jr. Tweeted that 82% of Americans will suffer a raise in taxes if Joe Biden becomes President, but don’t fall for Don Jr’s misinformation. Joe Biden has specifically stated that there will only be an income tax increase for those Americans that earn over $400,000 per year. Don’t fall for any ‘alternative facts’ about how hard done by the rich are.

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The chances are high that you do not even know anyone who earns $400,000 dollars per year, never mind earn that yourself. Perhaps your medical doctor. maybe your Lawyer. The point here is that very few people actually earn $400,000 per year.

Click here to see what Americans earned in the second quarter of 2020

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Let me break it down for you:

The Median weekly earnings for EVERYONE age 16 and older was $1002.00. Median weekly earnings by men was $1087.00, while women earned just $913.00 per week.

Median means in the middle. 50% of full-time or salaried American workers earned less than $1002.00 per week, and 50% earned more.

That means that 50% of full time or salaried American workers earn about 50K per year or less.

YEAH, Don Jr. Stop with the alternative facts already!
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Click here to read if alternative facts will survive Kellyanne Conway.

OH but we are including youth in that statistic, aren’t we? Well, yes, but even though youth tend to earn substantially less, it isn’t changing the numbers much. All full time or salaried workers over the age of 25 have a median income of $1047.00. Nothing really to write home about.

Although! Take note that black Americans over 25 only have a median income of $840.00 per week, and Hispanic or Latino people over 25 only have a median income of $824.00 per week. White people though, their median income for those over 25 is $1069.00.

Did you see that? White people earn more income than other groups.

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Those are the full time workers. It is a much worse situation for the part-time workers. Their median weekly earnings is about $284.00 in 2019. Wow. There are 24.2 million Americans who only work part-time, and 50% of them earn less than 15K a year. That is STILL nowhere near the $400k per year earnings that are subject to increased taxes by Biden.

The people that Biden will expect to cough up more income tax earn at least $7700.00 per week!! That is over $33K per MONTH!!! PER MONTH!!!

WHOA that's a lot of money - Conspiracy Keanu | Meme Generator
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But wait, because there is more. Do you know how many Americans earn this much income?

In 2019, to be in the top 10% of earners, you had to make $116,250.00 per year. To be in the top 5% of earners, you had to make $158,330.00 per year. To be in the top 1%, you had to make at least $328,551.00 per year.

THAT MEANS THAT MORE THAN 99% of AMERICANS WILL NOT HAVE TO PAY ADDITIONAL INCOME TAX !! Am I shouting? Sorry. I just want you to realize that there is no need to worry. Even if you do earn over $400,000 a year, you will be able to easily absorb a few percent tax increase:

Under current law, individuals making over $207,000 and couples making over $415,000 face a marginal income tax rate of 35 percent; individuals making over $518,000 and couples making over $622,000 pay a 37 percent top rate. Between 2013 and 2018, and starting in 2026 under current law, the top tax rate was and will be 39.6 percent. Vice President Biden would restore that rate immediately, raising $100 to $150 billion over the next decade, all through 2026.

Committee for a responsible Federal Budget

So who are these people that will have to pay more in income tax under Biden’s tax plan?

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26 thoughts on “Fewer than 1% of Americans earn over 400K per year

  1. The editor of this article is very dramatic but not very factual. Once you increase the tax on the top 1%, it barely puts a dent in the trillions needed for Biden’s plan. Where do you think the rest of the money will come from?? And history has shown wealthy people know and utilize all rules and loop holes to keep their money. Everyone enjoy reading this entertaining article. LoL

    1. Whaaat? A tax increase for the top 1% is not enough?? Where will the rest of the needed trillions come from? Well, good point, but not an argument to cancel Trump’s tax break for the top 1% of earners. Based on what you say here, the tax break for people who earn 400k per year SHOULD be cancelled, and maybe the tax rate on these wealthy people should be increased.

    2. History repeats when emotion displaces logic. We’ve already witnessed what high taxes do to the lower income groups -their jobs move offshore. As pointed out, the amount raised (higher taxes on 1% of the population) isn’t in the same magnitude needed for the proposed socialist agenda. My bet is they’d tax the hell out of fossil fuel to pay the monstrous bill for infrastructure changes for electric vehicles (which consume more energy because they weigh 2x). Then you have state control of energy. Then watch electric rates escalate. Remember when we had gas prices jump to $6/gal in ’06? The restaurant workers couldn’t afford to drive to work, so the restaurant owners had to raise their prices. Likewise food prices went up, never went back down after gas prices went back to prior levels. All hurts on the lower income groups. Trump proved once again that lowering taxes to those of competitive countries resulted in the best economy we’ve had.

      1. Please explain how any of what you wrote applies to the personal INCOME tax rate for people who earn over 400K per year. Personal income tax is not corporate tax.

  2. So you believe the top 1% can or SHOULD HAVE TO pay for his big government, free for all give-aways, multi-trillion dollar green deal plans? 🤣🤣🤣

  3. Dump Trump
    The point is the amount raised is insufficient to support any program. Please over come you hate long enough to have a logical thought. There was nothing to suggest taxes should be reduced only that the well isn’t deep enough.

    1. Hate? What hate? There is no hate here. Criticizing wrong headed policy is not hate. The U.S. is the only western nation NOT to have universal healthcare, for example. Why can all the other nations afford it, but the U.S. can’t? The reality is that even without universal coverage, the U.S. pays more per capita for healthcare than other nations that provide full coverage. That is a huge waste of your tax dollars.

  4. Joe said he would repeal trump tax breaks. That will raise taxes on everyone yes he also said only those making 400k.. the 2 can’t be both true… when asked he refused to admit if he would only repeal some of the trump tax cuts or all… additionally.. 1% of 1% = 3600 people… just like the tax in yachts failed to deliver the expected revenue this will also. I lived in DK. Taxes were 62% they ran out of the rich to tax a long time ago. Nothing is free. It’s all a lie

  5. Every democratic nominee says they are only going to tax the rich. But the track record shows a different story. Middle class is the true money. So please stop Trump is right. Biden will repeal then increase taxes across the board

    1. Trump is not right. Even the billionaires say they should pay more taxes. Let them pay their fare share. You want less of a burden? Go to a single-payer health care system like in Canada and Europe. Newsflash: Canadians pay a lower tax rate than Americans and they pay ZERO for health insurance.

      1. You fail to take into account that the wealthy always say they are willing to pay more in taxes, but ONLY on their NET earnings. Which means if a person makes 400,000 per year and they only wind up reporting 350,000. They are NOT paying more. The wealthy get all the tax breaks and can afford the cleverest of tax attorneys to screw the government. And the wealthy EMPLOY a LOT of people who make less than 400k. And we ALL know what happens when you start squeezing the wealthy, they cut and run and take their manufacturing overseas and that costs jobs. The ONLY way to get more taxes out of the wealthy is to do away with loopholes.

      2. So…your answer is to cut taxes for the wealthy because they find ways to weasel out of paying them? That makes zero sense. You mention doing away with ‘loopholes’, but really, the loophole is that the rich are eligible for tax credits that the poorest of the poor need. Trump extended the child tax credit to people who earn between 100-400K per year, but people that earn 25K or less do not get the whole credit. I am all for closing loopholes as long as they do not make it worse for low income families. You are NOT better off under Trump.

  6. Problem with all this is relativity. I live in CA where the taxes are insanely high and the median house price is just short of a million in the burbs around San Francisco. If I want to work in DT San Francisco I can expect my mortgage to be anywhere from 4k-7k / mo for a small home. Just because we might ‘make’ more does not mean we ‘have’ more. I could buy a home in Alabama and never work again, just based on the sale of my house. But then I could not make the same salary I make here. Cost of living needs to be considered in the equation. I pay a reasonable 28-30% tax rate, same or more than many Americans. And I am happy to do so, but to raise this to 37% is both punitive and stupid. Demographics play a role here. I’ll be clear, if this is the cost to get Trump out of office, I will pay the ‘10% fee’, but don’t kid yourselves, someone making $400k in the middle states is in a VERY different position than someone living in NY or CA.

    1. Do you actually earn over 400k per year? Unless you do, you will not be effected by Biden’s reversal to Trump’s tax cut. That is the point being made. People are terrified of voting for Biden because they believe that additional taxes for the portion of earnings above 400K will effect them. It won’t. The reality is that fewer than 1% of Americans earn over 400K.

  7. The author of the article makes a number of incorrect statements.
    1. Biden wants to apply the 12.6 percent payroll tax to all money earned over 400k. So This is a 12.6 percent tax raise and 2 percent federal raise. That means if you make over 400k, your taxes are going up almost 15 percent, not a few percent as the author incorrectly states.
    2. People who make over 400k will be paying a federal tax rate of over 50 percent. Does it seem fair that you should give more than half the money you make to the federal government? Is this France?
    3. How about making government smaller? If you cant run the government when you are already taking half the rich peoples money, why will you be able to run it taking 60 or 70 percent of their money? Wont the rich people just leave? And then who will pay for everything?
    4. Its fun to run around and say “tax the rich”. But it is a failed policy because they simply move their money to countries with lower taxes and invest there. Ask France and all the other countries that have tried it and failed.

  8. Yeah, Trump LOWERED TAXES on most Americans, not just the top 1% like you keep saying. So, according to you, Trump has a better plan!!!!!

  9. tax the 1% at 70% and it still wont cover the cost of the new green deal, it doesn’t raise revenue in the trillions? that’s just the new green deal, we are not even talking free health care to everyone and free college for everyone. Im trying to see the math, but i do not understand

    1. Canada has free health care for everyone and they have lower income tax rates than the U.S. Seriously. The U.S. already pays out more per capita for healthcare than Canada, but the US doesn’t cover everyone. Meanwhile, Canada covers EVERYONE for EVERYTHING (excluding cosmetic procedures). The money is already in the budget, but it is not allocated effectively. Imagine how much extra money you would have in your pocket if you DIDN’T have to pay monthly premiums for medical insurance—or anything for medical care at all?

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