According to the latest IRS data cited by Bloomberg, it took earnings of $515,371 in 2017 to crack into the top 1%, a rise of 7.2% from the year prior, even after adjusting for inflation. Since 2011, when the Occupy Wall Street protests were raging, the threshold to break out of the 99% has risen an inflation-adjusted 33%.

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Topics:  irs   bloomberg   occupy wall street   earn   crack   
BING NEWS:
  • IRS plans to more than double its audit rate of wealthy taxpayers
    Funding for the latest enforcement efforts was included in the Democrats' health care and climate change spending bill that President Biden signed into law in 2022.
    05/3/2024 - 8:21 am | View Link
  • IRS audit crackdown: Who's most likely to be targeted
    In other news - The Internal Revenue Service plans to more than double its audit rate of the country’s wealthiest taxpayers by 2026. The agency says the audits will pertain to taxpayers with a ...
    05/3/2024 - 7:02 am | View Link
  • The IRS is overhauling how it audits. Here’s who is a target
    The IRS is changing things up. The tax agency said Thursday it will be “taking swift and aggressive action” to crack down on people and companies not paying taxes properly. The IRS now has the ...
    05/3/2024 - 6:06 am | View Link
  • IRS plans to increase audit rates of wealthy taxpayers by 50%
    The Internal Revenue Service detailed its plans Thursday to significantly ramp up audit rates of wealthy taxpayers and large corporations, using funds provided by the Democrat-backed Inflation ...
    05/2/2024 - 6:42 am | View Link
  • More

 

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