Home / General / What’s the average post-tax income of the 50 million least entrepreneurial, disruptive, and paradigm-shattering Americans?

What’s the average post-tax income of the 50 million least entrepreneurial, disruptive, and paradigm-shattering Americans?

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There are about 50 million people, approximately, who live in households at the 20th percentile of household income or lower (There were 126 million households in the US in 2015, with an average size of 2.54 people, but the least-wealthy households include a disproportionate number of single-person households, so 50 million is a ballpark estimate. That’s roughly the population of England).

The 20th percentile of household income in 2015 was $22,800, and the 10th percentile was $13,250.  And while these people are almost all part of Mitt Romney’s famous 47% who pay no or negative net federal income taxes, they still do pay a lot of other sorts of taxes, namely payroll, Medicare, state, and local taxes.  Citizens for Tax Justice estimated back in 2012 that the bottom 20% of taxpayers paid an effective tax rate of 17.4%.  If we estimate the average pre-tax income of these 50 million Americans as $14,000, that makes for an average post-tax income of $963.67 dollars per month.  For everything.  For everybody in the household.

These are the 50 million people who, according to the repeal and replace crowd, are supposed to stop buying the fanciest new Iphone as soon as it comes out, and buy private medical insurance instead, once the market works its magic.  That’s one heck of a trick, as they say down on the dirty boulevard.

 

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