UP Has More Rich Folks Than HP
My headline is an over-simplification of an article in today’s Dallas Morning News, in which Dave Michaels analyzes the impact of a bill that would raise the tax rate for individuals with incomes greater than $200,000 and couples with incomes greater than $250,000. Here’s the part of the article that caught my attention:
Most of Dallas County wouldn’t see a tax hike under the bill. But the county’s wealthier enclaves would feel it.
In the 75205 ZIP code – which roughly covers Highland Park – nearly 30 percent of taxpayers reported income above $200,000. In the 75225 ZIP code, which covers part of University Park and North Dallas, the amount is 35 percent.
According to Michaels’ analysis of IRS data, the statewide percentage is 2.8.
My guess is that a lot of HP has high net-worth individuals whose incomes aren’t necessarily in the standard form of income (wages). I didn’t read the full article so don’t know what they included as ‘reported income’.
Also, about 1/2 of UP, everything south of Lovers Lane, is in 75205. In other words, only 1/2 of UP is even in 75225.
I think A.B. is right: it’s all about what constitutes “income.”
Reported income will jump after tax dodgers repatriate their Swiss bank accounts.
And this is taxable income. Any income from tax free municipal bonds would not count in this category.