By Kirsten Salyer
Occupy Wall Street protestors, we found the “1 percent” -- sort of.
The residents of nine zip codes in the New York metropolitan area accounted for 0.9 percent of total U.S. adjusted gross income in 2008, according to the latest data from the Internal Revenue Service. Taken together, they also represent the nation's greatest concentration of federal income-tax revenue: They were all among the nation's top ten contributors, paying a combined total of $16.5 billion in 2008, or about 1.7 percent of all income taxes.
Manhattan was home to the top six contributors: 10021, 10023, 10128, 10022, 10024, and 10028, according to Bloomberg News, which noted that General Electric Co. Chairman and CEO Jeffrey Immelt calls 10022 home and Goldman Sachs Group Inc. Chairman and CEO Lloyd Blankfein lives in 10023. Residents of the 10021 zip code on Manhattan's Upper East Side took the number one spot, paying $2.85 billion in income taxes. Scarsdale’s 10583 zip code, together with 06830 and 06831 in Fairfield County, Connecticut, pitched in another $4.15 billion.
The only top-ten zip code outside the New York area -- Houston’s 70024 -- paid $1.53 billion in income taxes in 2008.
The tax-paying power of wealthy New Yorkers reflects in part the growing income gap in the U.S. Last month the Congressional Budget Office reported that after-tax income for the richest 1 percent of U.S. households grew 275 percent between 1979 and 2007, while the lowest 20 percent saw after-tax income grow only 18 percent. On average, the residents of the nine New York area zip codes paid taxes equaling 23.5 percent of their adjusted gross income, which excludes deductions.
Do you think they paid enough? Send a comment and let us know.
(Kirsten Salyer is the social media editor for Bloomberg View.)-0- Nov/23/2011 18:16 GMT