Oct 10, 2023 - Business

Top 1% of Louisianans earn $450,000+ annually

Minimum income needed to be in the top 1%<br> of earners
Data: SmartAsset; Map: Tory Lysik/Axios Visuals

You need to make at least $458,269 to be among the top 1% of earners in Louisiana, according to a recent SmartAsset analysis of IRS tax filer data.

  • That's $194,388 less than the national household figure of $652,657.

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.

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%.

  • 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.

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