The top 1% are not always billionaires or even millionaires. Depending on where you live someone else’s income may seem far greater than the reality of the cost of living where they live.
For example, if you earn $50,000 in San Francisco, to maintain your standard of living in Anniston, Alabama you only need $20,665.
What was the United States average household income? In 2020, average household income in the United States was $97,973.61.
What was the United States median household income? In 2020, median household income in the United States was $68,400.00.
How many US households made $100,000 or more in 2020? In 2020, 34.1% of households or around 43,791,667 households made a six-figure income.
How many US households made $250,000 or More in 2020? About 7,825,122 households or 6.09% of all US households made $250,000 or more in 2020.
What was the top 10% household income percentile in 2020? The threshold to be in the top 10% of household incomes in 2020 in the United States was $200,968.
What was the top 5% household income percentile in 2020? The threshold to be in the top 5% of household incomes in 2020 in the United States was $270,358.00
What is the top one percent household income in the US in 2020? In 2020, the threshold for a household to be top 1% was $531,020.00 in earnings.
Source: Household Income Percentile Calculator, US  – DQYDJ
I wonder if these income parameters were based on AGI (Adjusted Gross Income)?
Were those incomes gross incomes or what they actually paid taxes on?
According to ITEP, if you are in the middle quintile in California ($39,000 – $62,000), your combined state and local taxes as a share of income (8.3%) is lower than the national average (9.9%).