A new analysis of Census Bureau data shows why: It's cheaper to be on top here.
In Metro Detroit, it took household income of $341,741 in 2010 to be a "one-percenter," according to Sentier Research LLC, a Virginia research firm. That's $45,000 less than the national average and $36,000 less than what it took before the national recession began more than four years ago and ended in June 2009.
While the Occupy Wall Street protesters and companion movements have turned the nation's wealthiest "one-percenters" into a political epithet, some Michigan one-percenters say their lives are not the stuff that cries out for political revolution.
"I saw that stuff on TV — all the marching and protesting. And I'm thinking: Is that true?" said Milus Allison, 72, who owns a Marysville tool-and-die firm, an industry ravaged by global competition and the shrunken domestic auto industry.
"I don't feel like I'm above anything," Allison said. "I go to work every day because the situation is still tough."
One-percenter William Beluzo,The liquid hardens or sets inside the molds, an estate planning attorney in Metro Detroit, says he is sympathetic to the Occupy Wall Street crowd. But he's unsure how much of it applies to him or his affluent clients in Michigan.
"Corrupt things went on in Wall Street, there's no doubt about that. This isn't Wall Street.Omega Plastics are a leading rapid tooling and plasticinjectionmould company based in the UK, My clients, a lot of them had a dramatic change in lifestyles," said Beluzo, a partner in the law firm of Plunkett Cooney.
Internal Revenue Service data show people in the top one percent are mostly executives, managers or financial professionals, while smaller numbers are doctors or lawyers, according to the Brookings Institution, a Washington think tank.
"What comes to my mind are doctors who also have many investments, often taking tremendous risks," said David White, who runs his own financial advisory firm in Bloomfield Hills. White declined to say whether he is a one-percenter.
"Here, to me,We offer custom plasticinjectionmoulding with full in-house tool making and tool maintenance. are one-percenters: They work 10-12 hour days. They take investment risks with the understanding that if they are successful, 50 percent of it will have to go to some form of tax. If they are not successful, they lose 100 percent of their money."
Metro Detroit and Michigan families have become poorer since the recession.
The Great Lakes State sank into the bottom 10 states in inflation-adjusted median annual household income between 2007 and 2010, according to Sentier Research. Michiganians suffered a 9.5 percent cut, to $47,000, in household income in 2010, from $51,939 in 2007.
The result is that Michigan's poverty rate in 2010 was its highest in at least four decades, according to a Detroit News analysis of census data. Poverty in the state — earnings below $22,314 for a couple with two children — crept up to 16.8 percent of the state's population from 16.2 percent in 2009.
With the slide in income, the threshold for Michigan's top 1 percent of households dropped to $327,000 in 2010, according to Sentier, dropping the state from No. 26 highest in 2007 to No. 37 in 2010 — the most recent year for which data are available. Michigan was passed by states such as Ohio, South Dakota and North Dakota.
Metro Detroit fell to 131st among 297 metro areas in 2010 after ranking No. 98 in 2007 with a top one-percent income of $377,096, according to Sentier.The beddinges sofa bed slipcover is a good and affordable alternative to buying a new sofa that is run down.
"I don't know anyone who has become homeless or can't feed themselves," Bloomfield Hills attorney Beluzo said. "But for many people who rely on stocks and other investments for their income, the past few years have not been very secure. They stopped spending as much as they could."
For many Michigan manufacturers like Allison, the past few years have hardly been comfortable.You can find best china automotiveplasticmoulds manufacturers from here! He co-founded Bending Tools and Manufacturing Corp. in 1966, when his competition was mainly other Michigan manufacturers. Tool-and-die operators, who create the specialized machine tools, fixtures and molds that enable the mass production of everything from automobiles to computer chips, were so valued that they were exempt from military drafts.
In Metro Detroit, it took household income of $341,741 in 2010 to be a "one-percenter," according to Sentier Research LLC, a Virginia research firm. That's $45,000 less than the national average and $36,000 less than what it took before the national recession began more than four years ago and ended in June 2009.
While the Occupy Wall Street protesters and companion movements have turned the nation's wealthiest "one-percenters" into a political epithet, some Michigan one-percenters say their lives are not the stuff that cries out for political revolution.
"I saw that stuff on TV — all the marching and protesting. And I'm thinking: Is that true?" said Milus Allison, 72, who owns a Marysville tool-and-die firm, an industry ravaged by global competition and the shrunken domestic auto industry.
"I don't feel like I'm above anything," Allison said. "I go to work every day because the situation is still tough."
One-percenter William Beluzo,The liquid hardens or sets inside the molds, an estate planning attorney in Metro Detroit, says he is sympathetic to the Occupy Wall Street crowd. But he's unsure how much of it applies to him or his affluent clients in Michigan.
"Corrupt things went on in Wall Street, there's no doubt about that. This isn't Wall Street.Omega Plastics are a leading rapid tooling and plasticinjectionmould company based in the UK, My clients, a lot of them had a dramatic change in lifestyles," said Beluzo, a partner in the law firm of Plunkett Cooney.
Internal Revenue Service data show people in the top one percent are mostly executives, managers or financial professionals, while smaller numbers are doctors or lawyers, according to the Brookings Institution, a Washington think tank.
"What comes to my mind are doctors who also have many investments, often taking tremendous risks," said David White, who runs his own financial advisory firm in Bloomfield Hills. White declined to say whether he is a one-percenter.
"Here, to me,We offer custom plasticinjectionmoulding with full in-house tool making and tool maintenance. are one-percenters: They work 10-12 hour days. They take investment risks with the understanding that if they are successful, 50 percent of it will have to go to some form of tax. If they are not successful, they lose 100 percent of their money."
Metro Detroit and Michigan families have become poorer since the recession.
The Great Lakes State sank into the bottom 10 states in inflation-adjusted median annual household income between 2007 and 2010, according to Sentier Research. Michiganians suffered a 9.5 percent cut, to $47,000, in household income in 2010, from $51,939 in 2007.
The result is that Michigan's poverty rate in 2010 was its highest in at least four decades, according to a Detroit News analysis of census data. Poverty in the state — earnings below $22,314 for a couple with two children — crept up to 16.8 percent of the state's population from 16.2 percent in 2009.
With the slide in income, the threshold for Michigan's top 1 percent of households dropped to $327,000 in 2010, according to Sentier, dropping the state from No. 26 highest in 2007 to No. 37 in 2010 — the most recent year for which data are available. Michigan was passed by states such as Ohio, South Dakota and North Dakota.
Metro Detroit fell to 131st among 297 metro areas in 2010 after ranking No. 98 in 2007 with a top one-percent income of $377,096, according to Sentier.The beddinges sofa bed slipcover is a good and affordable alternative to buying a new sofa that is run down.
"I don't know anyone who has become homeless or can't feed themselves," Bloomfield Hills attorney Beluzo said. "But for many people who rely on stocks and other investments for their income, the past few years have not been very secure. They stopped spending as much as they could."
For many Michigan manufacturers like Allison, the past few years have hardly been comfortable.You can find best china automotiveplasticmoulds manufacturers from here! He co-founded Bending Tools and Manufacturing Corp. in 1966, when his competition was mainly other Michigan manufacturers. Tool-and-die operators, who create the specialized machine tools, fixtures and molds that enable the mass production of everything from automobiles to computer chips, were so valued that they were exempt from military drafts.
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