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Despite not having personal income taxes, the top 1% of earners in Texas has the fourth highest tax payments among US states, a study shows.
The top 1% of earners in Texas — those making $617,900 or more annually — only pay 3.1% of their income in state and local taxes. That compares to a rate of 12.4% for top earners in California ...
11. Texas Average income of the top 1%: $1,343,897 Single filers:Total income and sales taxes paid: $465,868 Tax burden: 34.67% Married couples filing jointly:Total income and sales taxes paid ...
Over the last 20 years, this has meant that the bottom 50% of taxpayers have always paid less than 5% of the total individual federal income taxes paid, (gradually declining from 5% in 2001 to 2.3% in 2020) with the top 50% of taxpayers consistently paying 95% or more of the tax collected, and the top 1% paying 33% in 2001, increasing to 42% by ...
As of 2010, 68.8% of Federal individual tax receipts including payroll taxes, were paid by the top 20% of taxpayers by income group. The top 1% paid 24.2% whereas the bottom 20% paid 0.4% due to deductions and the Earned income tax credit. With 2013 tax law changes, the top 1% will pay an even larger share. [1]
This data is collected by the United States Census Bureau for state governments during fiscal year 2015. These statistics include tax collections for state governments only; they do not include tax collections from local governments.