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Total income tax paid by top 1%: $21,750,680. Number of top 1% returns: 38,483. Total income tax share paid by 1%: 36.8%. Average effective tax rate for all taxpayers: 14.6%. Data and Methodology.
The tax burden on the top 1% varies greatly from state to state, ... average income tax paid by the 1%; (4) average tax rate of the 1%. All data was collected on and up to date as of Jan. 20, 2022.
Additionally, the top 1% of taxpayers paid $723 billion in income taxes and the bottom 90% paid $450 billion. Keep reading to find out how the wealthy fare in your home state.
The top 1%, which took home 19.3%, paid 24.2% whereas the bottom 20% paid 0.4% due to deductions and the earned income tax credit. [ 16 ] [ 17 ] Total effective tax rates (includes all taxes: federal+state income tax, sales tax, property tax, etc) for the richest Americans declined by 2018 to a level beneath that of the bottom 50% of earners ...
The middle 20% paid 10.3% of taxes while getting 11.4% of the income, and the top 1%, those with yearly incomes averaging $1,371,000, paid 21.6% of taxes while getting 21% of total income. Across eight income groups whose data were reported, the largest difference between total taxes paid and total income received was just 1.7 percentage points.
Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state, the District of Columbia, and Puerto Rico. The figure includes all Individual federal taxes and Corporate Federal Taxes, income taxes, payroll taxes, estate taxes, gift taxes, and excise taxes.
The top 1% of taxpayers — those who earn $515,371 or more — paid 38.47% of the total tax revenue collected in 2017, according to the latest figures from the IRS.
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.