How much money does Indiana's top 1% make
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You need to make at least $473,685 to be among the top 1% of earners in Indiana, according to a recent SmartAsset analysis of IRS tax filer data.
- That's nearly $180,000 less than the national household figure of $652,657 — and it ranks Indiana 42nd nationally.
The big picture: The top 1% of U.S. families by wealth held more than a third of the country's total wealth in 2019, the Congressional Budget Office reported last year.
- Meanwhile, "families in the bottom half ... held only 2% of total wealth" in 2019, per the CBO report.
Be smart: The effective tax rate for Indiana's top 1% is 24.6%.
Zoom out: Nationally, joining the 1% club is most expensive in Connecticut, where residents need to make at least $952,902 to be a member.
- It's cheapest in West Virginia, where residents need to make $367,582 to be among the state's top earners.
Yes, but: Connecticut is also home to the highest effective tax rate for high earners, at 28.4%. Arkansas, meanwhile, has the lowest tax rate on the wealthiest, at just over 21%.
- Of course, the ultra-wealthy have myriad means of reducing their actual tax burdens.
The bottom line: The states with the highest 1% floors — Connecticut, Massachusetts, California, New Jersey and Washington — tend to be either home to or in commuter range of major tech and finance hubs, and thus the high-paying jobs those industries offer.