County has its share of millionairesApril 19, 2013
By CANDY NEAL
Herald Staff Writer
Not everyone’s income tanked during the recession.
According to 2011 income tax returns, filed in 2012, Dubois County had 42 residents who reported an adjusted gross income of at least $1 million. Altogether, those 42 people claimed an adjusted gross income of $133,728,152.
Another 56 people had adjusted gross income that was between $500,001 and $1 million.
In the lead-up to Tax Day this week, the Indiana Business Research Center compiled the number of people filing tax returns in Indiana and broke down the returns based on counties and metro areas. The center does not have numbers for 2012, as those will come from the returns that were due to the federal and state governments Monday.
The information goes as far back as 1999 and breaks down the number of returns in seven categories of adjusted gross income: $30,000 and less, $30,001 to $50,000, $50,001 to $100,000, $100,001 to $250,000, $250,001 to $500,000, $500,001 to $1 million, and more than $1 million. The center also gives the total income for the returns in each category.
Of Dubois County’s eight neighboring counties, only two have earners topping $1 million. They are Warrick County, with 46 claiming a combined adjusted gross income of $76,825,160, and Daviess County, with 11 claiming a combined adjusted gross income of $18,599,826. Hamilton County had the most millionaires in the state based on that year’s earnings, with 368 claiming a combined $705,675,968. Marion County was second, with 315 claiming a combined $619,579,392, and Allen County was third, with 198 claiming a combined $378,536,672.
There are more millionaires in Dubois County now than there were 10 years ago. The 2001 returns documented 25 people with adjusted gross incomes of more than $1 million. They claimed a combined total of $69,039,827.
The county had fewer residents in the highest category in 2011 than in 2010; the 2010 returns showed that 50 people made more than $1 million, while 53 made between $500,001 and $1 million.
The number of those earning $30,000 or less also decreased from 2010 to 2011. A total of 11,177 people in that category filed 2011 returns, showing a combined total adjusted gross income of $166,500,488. For 2010, 11,351 filed returns, combining for a total adjusted gross income of $169,964,525.
Statewide, 3,644 people filed 2011 returns showing their income to be more than $1 million, while 8,064 were in the $500,001 to $1 million range.
The direct link to the information is http://bit.ly/10nkPJq
Contact Candy Neal at firstname.lastname@example.org.
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