What does it take to be in Colorado's top 1%?
DENVER (KDVR) — Status-seekers be advised – it’s going to take a lot of money to be in Colorado’s top 1%.
As the state grew rapidly in the last year, so too did its income expectations. Colorado is home to some of the most well-educated and highest-earning workforces.
Financial adviser site SmartAsset analyzed income levels in each state to find what it takes to be in the top 1% of income earners, as well as the tax rate paid by these top earners. Figures were derived from 2020 tax returns and adjusted for inflation for May 2023 dollars.
In Colorado, it takes $709,092 in annual income to be in the top 1%, the nation’s seventh-highest threshold. The threshold is lower than New York’s ($776,662) and higher than Florida’s ($694,987).
Top earners in Colorado do pay more of that out in taxes, however. The tax rate on the top 1% is is 25.86%, the 11th highest in the nation.
New England and California have the highest thresholds for being in the top 1%. In Connecticut, a person need to make $952,902, followed by Massachusetts ($903,401) and California ($844,266).
At the bottom of the competitiveness list is West Virginia, where an income of $367,582 secures a spot in the top 1%. Mississippi, New Mexico, Kentucky and Arkansas come next.
Source: FOX 31 Denver
