Nov 21, 2011

The website is doing a three part series into the people that comprise the black 1 percent. I'm sure it comes as a shock to no one that the majority of the black 1 percent gets their wealth from the entertainment and sports spectrum.

Blacks comprise 13.6 percent of the U.S. population according to the 2010 Census, but account for only 1.4 percent of the top 1 percent of households by income. Whites are the overwhelming majority of the top 1 percent of households by income, comprising 96.2 percent. (Results were calculated from 2007 data from the Federal Reserve's Survey of Consumer Finances and the Tax Policy Center's tax table, The income cutoff to be a part of the top 1 percent was $646,195.)


1 comment:

  1. About two weeks ago, I had an interesting discussion with close friends (people that I actually consider to be mentors) who happen to be in that 1%. They are supporters of the president. However, She shared with me how she didn't like the "we vs. they" argument. She also said she didn't mind as the bible says "giving Ceaser his due." but then there is a time when Ceaser gets more than he is due. She went on to share that they are taxed at 45%. When you look merely at salary figures, the top 1% do not get much sympathy. I cannot imagine nearly half of my income being taxed. Like the article shared though,most of the black 1% are first generation and their income is what puts them in this category not investments and other wealth. They are not necessarily benefitting from the lower rates of the capital gains tax. They aren't exactly working the system.

    After this discussion, I became even more in favor of a flat tax. We need tax reform big time. And like any other "trait," we cannot lump people all in the same category.