Life time potential income? or a Snap shot of current financial status? Who knows
But, these are the facts:
On high average of 5% of households of Hawaii to the low average of 3% of southern states - that's a lot of people around you that are millionaires.
For a city of one million, with the average household size of 2.5 (lots of single people) then
1,000,000 people
@ 2.5 people per household, then
400,000 households
@ 4% households are millionaire, then
16,000 households
What does it take to be a millionaire household in a southern state (Texas, Oklahoma?)
House = paid off = 250,000
Retirement #1 401K = 300,000
Retirement #2 401K = 300,000
Extra saving, investment = 150,000
That's a millionaire household
income tax rates:
Georgia 6% over $7,001, income of $110,000 & $220,000 house = 6,600 & 2,200 = 8,800
Texas 0 % over 7,000, income of $110,000 & $220,000 = 6,600 tax
Louisiana 5%
If your income range is between $12,501 and $50,000, your tax rate on every dollar of income earned is 4%.
If your income range is $50,001 and over, your tax rate on every dollar of income earned is6%
Wisconsin 6.5%
If your income range is between $19,401 and $145,460, your tax rate on every dollar of income earned is 6.5%.
If your income range is $145,461 and over, your tax rate on every dollar of income earned is6.75%.
California 8.5%
If your income range is between $26,822 and $37,233, your tax rate on every dollar of income earned is 6%.
If your income range is between $37,234 and $47,055, your tax rate on every dollar of income earned is 8%.
If your income range is between $47,056 and $1,000,000, your tax rate on every dollar of income earned is 9.3%.
If your income range is $1,000,001 and over, your tax rate on every dollar of income earned i
Virginia 5.75%
| If your income range is between $5,001 and $17,000, your tax rate on every dollar of income earned is 5%. If your income range is $17,001 and over, your tax rate on every dollar of income earned is5.75%. |
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If your income range is $7,001 and over, your tax rate on every dollar of income earned is6%.
Oklahoma 5.5%
If your income range is $8,701 and over, your tax rate on every dollar of income earned is5.5%.
