Yesterday, Councilman James Oddo shared the Independent Budget Office's breakdown of who exactly is the 1% in NYC, as well as who the 10% is and how much they contribute to the city's tax revenue. He explained to us that he wanted to cut through the rhetoric and get at the truth and found the data illuminating: "I represent a lot of people who are 10%, who make $105,000/year."
The IBO says, "The minimum income of a member of the so-called 1% in New York City is approximately $493,439 with an average income per filer of $2,247,515. To be a member of the top 10% in New York City requires a minimum income of $105,368." The 1% (around 34,598 people) contribute 43.2% of NYC tax revenue, while the 10% (345,169 taxypayers) makes up 71.2% of the tax revenue. Oddo's constituents were caught in the middle of the 1% vs. 99% debate, while to be in the 10%, you can be a "cop with seniority working a little overtime, a nurse, a principal, and I don’t think anybody would consider those folks rich," he said to CityRoom.
Oddo told us that, overall, regarding Occupy Wall Street, "I get the frustration [amid] the difficult economic climate," and while some part of the movement resonate, "It became hostage to loons who came down the pike." Oddo, one of the few Republicans in the City Council and says his district is a swing district with lots of working class voters, said to the Post, "I’m not defending the rich. I’m defending many of my constituents. A lot of my constituents are overtaxed."
According to national numbers, the top 1% makes at least $343,927, paying 37% of tax revenue. The 10% makes at least $112,124 and represents 70% of taxes paid.