Tax Bill & Top 5%

What would you do if you got a huge tax bill? Dangerous Dave talks about a guy that got a bill for 34 billion dollars. Plus, how much would you have to earn to be "rich", in the top 5 %?

Episode Transcript

(00:00):
This, he's stuber in the denwith dangerous day. Well, you know,
there's chances you've had sticker shock overa tax bill before, right at
some point. Maybe it's an annualsurprise for you. I don't know,
but no one has had this bad. A man in Pennsylvania, his name's
Barry tangered he got two pieces oftax information in the mail this week.
First it was a refund check fromthe federal government for nine hundred bucks.

(00:23):
Second one was a tax bill sayinghe owed the state thirty four billion dollars.
Yep, that's a billion with aB to be exact, thirty four
billion, five hundred and seventy sixmillion, eight hundred and twenty six five
hundred and sixty one dollars and fortyseven cents. Barry said he had a
feeling they might have a blunder,especially since he makes less than one hundred
grand a year. Earlier this year, Barry's tax preparer noticed the mistake on

(00:47):
a twenty twenty two return filed anamendment. Doesn't know how a thirty four
billion error was made, but apparentlythe tax preparer made a mistake or there
was a glitch in the system.At any event, eventually was able to
get through the Pennsylvania depart of Revenuethe situation was resolved. They said it
was an isolated incident that involved thewrong numbers being inputted. Yeah, you
know, you know it's wrong.You know this, it can't be true.

(01:11):
But still, if you got athirty four billion dollar tax bill,
if you're like me, you'd probablypanic just a little bit deeper in the
two. Well, if you've alwayswanted to be rich, maybe living in
West Virginia might be your best bet. Let me explain why. A new
report look to how much you needto be rich in all fifty states.
They define that by being in thetop five percent of earners in that state.

(01:32):
The lowest threshold west Virginia, whereyou only need to make three hundred
and twenty nine thousand dollars a yearto be in the top five percent.
Mississippi was next with three hundred andthirty four thousand, in New Mexico at
three hundred and fifty three. Themost expensive state to be rich is Connecticut.
Six hundred and fifty six thousand dollarsa year will put you in the
top five percent. It's almost doublethe earnings of West Virginia. After that,

(01:53):
it's New York at six hundred andtwenty one thousand and six seventeen.
In Massachusetts, thanks to inflation andother factors, you're gonna need to earn
a lot more to be rich thanyou used to. The report found that
people are making five percent and aroundthirty percent more than they did in twenty
seventeen, so it's already jumped sincetwenty seventeen. Thirty percent North Dakota four

(02:14):
hundred and eighteen thousand dollars to bein the top five percent. It was
three sixty four in twenty seventeen.Minnesota four hundred and seventy six thousand a
year. It was three seventy twoin twenty seventeen, so that's jumped considerably.
I don't think I'll ever be inthe top five percent. I just
trying to fight to not be inthe bottom five percent. Tune it again
for another episode of Deeper in theDen with Dangerous Daved like year