What it takes to be a 1 percenter in Minnesota
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You need to make at least $625,000 a year to be among the top 1% of earners in Minnesota, according to a recent SmartAsset analysis of IRS tax filer data.
- That's close to the national household figure of $652,657, reports Axios' Alex Fitzpatrick.
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.
Between the lines: Gov. Tim Walz has twice proposed raising taxes on the wealthiest Minnesotans, most recently calling for increasing capital gains taxes by 1.5% on income between $500,000 and $1 million, and 4% on income over $1 million.
- None of the proposals have materialized.
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.