Financial FitnessGeneral Information

How Much Are The “Top” Paying?

By January 9, 2020 No Comments

Last week, I had talked about the total income that taxpayers had to be in for the top 1/10th of 1%, the top 1%, and the top 5%, and top 10%.

If you recall from last week, individuals that had incomes in 2017 of $515,000 were in the top 1% of all income earners.

According to the IRS website, those top 1% had 21% of the total $10.9 trillion of adjusted gross income that was reported nationwide.  And they paid 38.5% of the total federal income tax paid, which was $1.6 trillion.

The top 10% of taxpayers, people earning $145,000, paid 70.1% of all federal income taxes.

 

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