![]() But he hasn't paid his taxes on that amount (15% Capital gains) which is the reason why he does what he does versus taking the money now. My guess is his net-worth (if he sold his company) might be $30M-$40M. So small business owners who are savvy have write-offs galore! One of my best friends pays himself $100K a year (pays his wife $45K) and plows the rest of his money into his 220 person company. On paper, that drops their stated income for such an article. They can hire their college kids (for example) where they have no income to shift their tax liabilities. See On paper, they can "make" $35K a year via an S-Corp (capping their double social security). Something as simple as shifting income (S-Corp). There are all kinds of vehicles for small business owners to manipulate their income. People with another zero after their net worth than mine. I know dozens of wealthy small business owners. Yet another group of high-income earners keep their high income and build wealth. I talk with literally a thousand+ of them a year in my vocation. I know a lot of high-income people who blow their assets. Income is an obvious vehicle to gain wealth. Next up as you pointed out, "wealth" = assets-liabilities, not what people claim on their income. The wealthiest pay their taxes somewhere else or they are living off of their net worth or manipulating their income. Who here thinks that PV's $156K of family income is accurate? No chance in hell. ![]() As in, they are literally not counted in the population because you can not be counted twice. That's because a lot of people who live in PHX area are not counted in the stats because they pay their taxes somewhere else. And yes, they will correlate to the listed zip codes. ![]() IMO, the title should be "Highest income zip codes for people who live in PHX Metro". Living in $300-$400,000 house, drives a pickup and owns a business like a HVAC or plumbing business.ġst off, not many surprises on the list. So just before the real estate crash the zip code in north Glendale near Arrowhead was chock full of contractors who in many cases fit the profile of that old book "The Millionaire Next Door". The study wasn't looking at income, but how many people had a million dollars in assets. Anyone know if that's been updated in the last few years? What was interesting back then was that the zip code that had the most millionaires after first place Paradise Valley was a zip code in north Glendale. It was written to help families attend schools over the state line in Hildale, Utah, which isn’t allowed under the ESA program even if you already qualified for an ESA.As a point of comparison, there was a study of the Phoenix area's true millionaires done 15 or so years ago in the AZ Republic. Lawmakers attempted to expand the ESA program for this city in 2020, but failed. Here are the 5 lowest income areas (all under $40,000 median), which make up just 154 applications:Ĩ5713 in Tucson 85706 in Tucson 85301 in Glendale 85712 in Tucson and 85719 in Tucson.Ĩ0 applications are from Colorado City, a polygamous area in the northern most point of Arizona on the border with Utah. Grouping in the $100,000+ applicants, the total number of applicants above the statewide median household income is 8,171 or 67.5% Nearly half of all applicants fall within that group (49.3%) ![]() Zip codes with a median income between $61,565 and $99,477 (so above the statewide median and below six figures) make up 5,963 applications from 77 areas across the state. Census, Arizona’s median household income is $61,529. From those 20, there are 2,208 application under the universal expansion, which makes up 18% of all applications through September 27.Īccording to the U.S. You can see that unsurprisingly most of the applications are within Maricopa County.ģ. I requested the zip code data of the new applicants from ADE and compared it to the median household income of each area to see if it was favoring the wealthy or if lower-income families were taking advantage of the expansion. The 75% figure from ADE in August shows that families who can already afford to attend these private schools were the first ones to hop on the opportunity to cash in on the taxpayer money to help them pay for the tuition (most private schools cost more than the $7,000). Put simply, wealthy families can foot the bill and those in lower income areas struggle, as do the public schools they attend. Many of the arguments in this always heated debate about school vouchers comes down to who can afford to attend private school and who cannot. How different remains to be seen, but I’m sure the Department of Education will provide those updates as they have been. Of course, now that the application period is a full go (and the deadline extended from September 30 to October 15 in order to receive Q1 funding) those numbers will likely look different.
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