Here’s how much you need to bring home in Texas to be in the 1% club
If your Texas household is pulling in more than $631,000 a year, you’re in the club.
The 1% club.
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That’s according to personal finance website SmartAsset, which crunched data from the Internal Revenue Service and Bureau of Labor Statistics to find the cutoff for the nation’s highest-earning households in each state.
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Texas’ cutoff of $631,849 is about $20,000 lower than the nation as a whole. The Lone Star State ranks 14th nationally for its dividing line.
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Wealth in America is becoming increasingly concentrated among the few, according to SmartAsset. It cites a Congressional Budget Office report from last year that said the top 1% of families hold over a third of the nation’s total wealth – up from 27% in 1989. The bottom half of all households control just 2%.
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Nationally, it takes household income of $652,657 to climb into the top rung of taxpayers. SmartAsset said those one-percenters earn more than eight times as much as the median household, which sits around $75,000.
It’s not unusual for public company CEOs in Texas’ major cities to receive compensation packages totaling over $1 million.
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In Dallas-Fort Worth, 98 of the metro area’s 100 largest publicly-traded companies awarded their chief executives over $1 million in salary, bonuses, stock and other perks in the 2022 fiscal year.
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CEO pay packages topped $10 million last year for three dozen North Texas CEOs. Fossil Group’s Kosta Karsotis is the rare exception, continuing a longstanding practice of taking $0 in compensation, as most of his wealth is tied to the company’s stock.
Across the U.S., the 1% threshold varies widely – ranging from a high of $952,902 in Connecticut to a low of $367,582 in West Virginia.
Source: The Dallas Morning News
