What does it take to be a member of the top 1% (taxpayer) club in Florida? Well, definitely a lot of money, but maybe not as much as you think.
SmartAsset analyzed income data to determine the minimum income required to be among the top 1% earners in each state. To do this, he used data from the IRS and the Bureau of Labor Statistics. The report was released last week (January 24).
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In the state rankings, the Sunshine State came in at #8. According to the SmartAsset study, you’d need an annual household income of $678,800 to earn your spot in Florida’s 1% club in 2023. That’s just slightly above the national average of $645,600. And the average Florida tax rate for this group is 25.23%.
It’s much better to become a member of the Florida 5% club. A Florida resident must earn at least $243,600 to be in the top 5% with an average tax rate of 22.34%.
Household Income: Did You Know?
According to the study:
- The average US household earns a median income below $70,000
- Less than 10% of all households earn more than $200,000, according to the US Census Bureau
Household income: Which state has the highest threshold to be included in its 1% club?
Connecticut requires the highest earners to be in the top 1%. It was the only state with a minimum threshold above $900,000
No. 2 Massachusetts
No. 3 New Jersey
No. 4 New York
No. 5 California
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Household income: Which state has the lowest threshold to be included in its 1% club?
West Virginia takes first place for the lowest threshold needed to be a 1% higher percentage: $374,712.o
No. 2 Mississippi
No. 3 New Mexico
well 4 Arkansas
No. 5 Kentucky
For more information on how SmartAsset ranked the states and the data and methodology used: See the study. On its website, SmartAsset says the company “is an online destination for consumer-focused financial information and advice that powers SmartAdvisor, a national marketplace connecting consumers with financial advisors.”
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