Here’s how much you need to earn to be in the 1%

  • To be in the top 1% of income earners in the U.S. requires annual adjusted gross earnings of least $ 515,371, the IRS says. 
  • The top 50% of all U.S. taxpayers earn at least $ 41,740, or about 4.1% more than the prior year.
  • The richest Americans, or top 0.001%, have annual income of least $ 63.4 million.    

The rich are getting richer in the U.S., which means that anyone determined to stay in the top 1% of income earners needs to make more money — and make it fast. The minimum for entry into the 1% club in 2017: $ 515,371, up 7.2% from the prior year, according to the most recent IRS data. About 1.4 million taxpayers earned at least that amount.

The uber-rich, or top 0.001% (the highest income group identified by the IRS data), you need annual income of least $ 63.4 million.  

The wealthiest Americans are enjoying strong income growth partly thanks to 2017’s Tax Cuts and Jobs Act, which lowered tax rates on corporate income. The law also gave a 20% deduction on income earned by partnerships and other types of businesses, which also helped many well-heeled taxpayers. Partly as a result, the gap between America’s richest and poorest citizens is the widest it’s been in at least 50 years, according to Census data released last month.   

New economic research has found that the new tax law resulted in a sharp reduction in taxes for the 400 wealthiest Americans. Factoring in all federal, state and local taxes, those ultra-wealthy households pay a total tax rate of about 23%, compared with 24.2% for the bottom half of households, which includes many in the middle class, according to economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley.

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As the two lay out in their new book, “The Triumph of Injustice,” the richest families also pay a lower rate than those in the upper middle class and even those in the top 1%, who pay closer to 30% of their income in taxes.

Income inequality is causing poor and middle-class kids to drop out of sports

Reducing inequality is at the center of many Democratic presidential candidates’ platforms, with senators Bernie Sanders and Elizabeth Warren both proposing wealth taxes for taxpayers with multi-million dollar estates. The tax revenue would be directed toward funding social programs such as free college tuition and universal health care. 

Tom Steyer, a billionaire who is running for president, said at Tuesday’s debate that he also backs a wealth tax. “I would undo every Republican tax cut for rich people and major corporations,” he said. “90% of Americans have not had a raise for 40 years.”

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Ex-NFL DL Bannan arrested on attempted murder charge

Former NFL defensive lineman Justin Bannan faces attempted murder and assault charges following the shooting of a woman in Boulder, Colo.

Bannan, 40, was arrested Wednesday and remained in custody Thursday awaiting a bond hearing.

Bannan played 12 seasons in the NFL (2002-13) with the Buffalo Bills, Baltimore Ravens, Denver Broncos, St. Louis Rams and Detroit Lions.

He is charged with suspicion of attempted first-degree murder, first-degree assault with extreme indifference, first-degree assault with intent to cause serious bodily injury and first-degree burglary, according to Boulder police.

Authorities say Bannan shot a 36-year-old woman in the arm with a handgun at Black Lab Sports, a venture capital firm. She was hospitalized with non-life-threatening injuries.

A police spokeswoman told reporters the shooting appeared to be “random.” Bannan and the woman apparently worked in the same building.

Bannan was arrested at the scene carrying a bag containing two loaded handguns and an extra magazine.

“Bannan told police he did not mean to shoot the woman, and that he was hiding because the Russian Mafia was after him and tracking his cellphone,” according to the Boulder Daily Camera.

Buffalo’s fifth-round pick in 2002 out of Colorado, Bannan appeared in 163 games (72 starts) and tallied 311 tackles, 6.5 sacks and five forced fumbles.

–Field Level Media

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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EU official: Technical Brexit extension not needed from EU side

It would matter if the deal passes parliament

It’s not clear if a full legal text will be ready on Saturday or just a political declaration. If the text isn’t done it makes a deal less likely because members of the ERG said they won’t support it. However if it passes anyway, there may not be enough time to get it done and/or to implement a deal.

The EU is saying here is that business could continue as normal until that’s worked out and that the deal would go into place when it’s ready.

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Three investigating loss of phone services

Mobile network Three has acknowledged it is experiencing “technical difficulties with voice, text and data”, leaving many customers offline.

The problems appear to have started on Wednesday evening, according to the Down Detector website.

Customers across the UK have taken to social media to complain about the loss of service.

Three apologised for the problem and said it was “sorting this out right now”.

The problems, which are nationwide, started after some maintenance work on Three’s network infrastructure.

It is not sure how many of its 10 million customers are affected.

On Wednesday, rival network O2 switched on its next-generation 5G service in a number of UK cities.

Three tagged O2 in a tweet saying: “Oi, did you unplug our network so you could plug in your 5G? not cool guys.”

One customer said the joke would have been “cute” if the problems had not been ongoing for more than nine hours.

So many customers tried to access the status checker on Three’s website that it was temporarily unavailable on Thursday morning.

A queuing system has been switched on, to limit access to the tool.

“History shows that once service is restored people quickly forget about the issues,” said Ben Wood, an analyst at the CCS Insight consultancy.

“The challenge for Three UK will be getting its network back online reliably. Often it can take time for things to stabilise after such a massive outage, which can lead to intermittent service for a period of time after the original problems.”


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Sometimes the reaction is the tell

Crypto bulls are not happy with me

Bitcoin technical analysis chart

The classic expression is that: “The bigger they are, the harder they fall”.

For markets, it might be “the harder they fight, the weaker they are.”

I’ve written about markets for more than a decade and often the articles that generate the most-surprisingly lively reactions are the when a market is weak and you say it’s going lower. Or write something negative about something that’s already beaten up.

It’s true that the most-ardent defenders of something are those who have suffered the most pain.

That brings me to something I wrote about crypto today. Bitcoin has been falling for a week and it’s down almost 25% in the past month and 41% since the June spike. The bulls are licking their wounds.

Today’s decline is probably just a continuation for the building bearish sentiment after the failure to break the 38.2% retracement of the Sept fall. Bitcoin is the most-technical market I know of; probably because there is a dearth of fundamental news.

Bitcoin

However I wrote about a tangential fundamental story today as US authorities used Bitcoin to bust 338 people who used it to pay for child porn on a South Korean website that was one of the largest of its kind. It highlights that people who were using Bitcoin thought they had some level of anonymity.

Was the news responsible for today’s 3% fall in Bitcoin and a similar decline in the larger crypto space? No one knows. It’s the same in every market. You can’t get into the head of every seller.

What was different? The post generated a surprising amount of anger. The bulls tell me that everyone knows Bitcoin isn’t anonymous. Well the 338 people who are in jail now certainly didn’t know. In addition, there are still many ways to make Bitcoin anonymous and crypto is used in illicit activities (so is the dollar, I know).

Without getting deeper into the argument, I think the takeaway is the reaction. it’s the kind of reaction you often see in a market that’s weak.

I’m going to take all the anger directed at me as a sign of growing FUD. I’m not writing anything that hasn’t been said before. The vitriol is probably a barometer of the jitters in the market, and weakness.

Watch out for a break of $ 7700.

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UK September retail sales 0.0% vs -0.2% m/m expected

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Singapore exports fall for the seventh month

Singapore Non-oil domestic exports (NODX) data for September down for the seventh straight month 

NODX last month fell 8.1% year-on-year (Reuters poll had the central estimate at -7.0%)

  • electronics shipments -24.8%

On a seasonally adjusted month-on-month basis, exports fell 3.3% in September 

  • expected -3.0%
  • +6.7% in the previous month

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Parents of U.K. teen felt “ambushed” by White House visit

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NewsBreak: No Brexit Deal Today – Reports

© Reuters.  © Reuters.

Investing.com – The U.K. and EU will not announce a deal on Brexit Wednesday, according to several published reports. But a deal could still be announced later in the week as it was unclear at what juncture negotiations were at.

  • , which had been bouncing around on headlines throughout the trading day, retreated after the reports, but was still up 0.3% at $ 1.2827.
  • ITV (LON:) political editor Robert Peston tweeted that there was “now no chance of Brexit deal tonight. Not at all sure about what that means for what can be agreed by EU leaders on Thursday and Friday.”
  • Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

    Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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    Brexit: DUP talks with government said to continue later today

    The Brexit mess looks set to get even messier as the clock winds down

    Brexit

    Multiple sources are reporting that the key issue in talks with the DUP is that of consent as highlighted here. Arlene Foster has already left Downing Street but reports are saying that more talks are scheduled for later today to try and officially break the deadlock.

    According to BBC political editor, Laura Kuenssberg, there is “no sense of an imminent breakthrough” just yet and other sources are reporting similar sentiment that there are still gaps and the DUP feels that more is needed for them to fully get on board.

    Meanwhile, the 1922 committee meeting has been brought forward to 1530 GMT as sources are saying that it could free up time for Boris Johnson to dash over to Brussels in order to secure any last-minute agreement.

    In short, Brexit talks are happening all over the place so just keep your eyes and ears peeled for any potential headlines during the day.
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