City Councilman James Oddo, one of the few Republicans in the City Council, has been hearing a lot about this Occupy Wall Street stuff. The Daily Politics reports that he was so curious about who really is NYC's 1%—and 10%, for that matter—and how much they pay in NYC taxes that he asked the Independent Budget Office for some details. Oddo shared the IBO's response today, "I think the numbers bear out the argument that we should not be attacking higher-income New Yorkers because their tax dollars fund, in large measure, all the services that New Yorkers have come to rely on." Another thing: don't get him mad.
Based on 2009 data, 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 top 10% of city taxpayers (about 345,169 payers) accounts for 71.2% of the city personal income tax. The top 1%, or about 34,598 people, pays 43.2% of the total burden. About 1.18 million filers pay no New York City personal income taxes at all, and some who live in poverty receive 'refund' payments of the values of their earned income tax credit, child care and dependent care credit."