High-Income Americans Paid the Majority of Federal Taxes
In 2013, the bottom 50 percent of taxpayers (those with AGIs below $36,841) earned 11.49 percent of total AGI. This group of taxpayers paid approximately $34 billion in taxes, or 2.78 percent of all income taxes in 2013.
In contrast, the top 1 percent of all taxpayers (taxpayers with AGIs of $428,713 and above), earned 19.04 percent of all AGI in 2013, but paid 37.80 percent of all federal income taxes.
In 2013, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $465 billion, or 37.80 percent of all income taxes, while the bottom 90 percent paid $372 billion, or 30.20 percent of all income taxes.
Source: Tax Foundation ***Chart 2.
Source: Tax Foundation
Thursday, November 19, 2015
High-Income Americans Pay The Majority of Federal Taxes And Pay The Highest Average Tax Rates
Posted By Milton Recht
From Tax Foundation, "Summary of the Latest Federal Income Tax Data, 2015 Update" by Scott Greenberg:
Posted 11/19/2015 09:23:00 PM