NYC’s Top 1 Percent Saw Income Soar After Recession

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Manuel Dohmen

In the first four years of post-recession New York, incomes grew for most New Yorkers. But the growth was strongest at the top, with New Yorkers in the 100th percentile reporting an average adjusted gross income of $2.9 million on their 2013 tax forms—29.8 percent higher than what that percentile reported in 2009.

Other households in the top 20 percent saw double digit increases in average income over the span. Meanwhile, according to five years of income-tax data released today by the city’s Independent Budget Office, the effective state tax rate on the richest households fell, while the city tax rate on those taxpayers edged up.

Income groups lower down the latter saw far more modest growth.
The data can be found here. The charts below were created by City Limits.

1) The statistics divide the city up into deciles (each containing 10 percent of the city’s tax filers) and, at the high end, percentiles (each representing 1 percent of tax filers). Here is how those income categories changed from 2009 to 2013:

2) Here are the average household incomes of each group in each year, and how they changed:

3) Here is how the effective rate of city income tax (meaning the rate paid after credits are figured in) changed:

4) Here is how the effective rate of state income tax (meaning the rate paid after credits are figured in) changed:

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