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Tuesday, September 09, 2008

Taxpayer Stats

From the latest Kiplinger Tax Letter:
"The top 1% of filers paid 39.9% of all federal income taxes...the highest 5% paid 60.1% of total income tax and made 36.7% of all AGI. They each had adjusted gross incomes of at least $153,500. And the top 10% of filers, those with AGI's of $108,900 or more, bore 70.8% of the total tax burden while pulling in a little more than 47% of the total adjusted gross income.

Note that the bottom 50% of all filers paid 3% of the total income tax bill. The lowest-income earners actually had a NEGATIVE income tax rate because they get the earned income credit, which refunds income and payroll taxes."
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