Wealthy taxpayers pay the largest share of nation's taxes
Many people believe the rich are escaping their fair share of taxes. But according to a recent report released by the Joint Committee on Taxation, upper-income taxpayers foot the largest share of the nation's tax bill. Here's how the figures stack up:
% Income |
|
|
Highest 1% of taxpayers (those with incomes of $340,306 or more) |
17% |
23% |
| Highest 5% of taxpayers (those
with incomes of $145,199 or more) |
31% |
41% |
| Highest 10% of taxpayers (those with incomes of $107,455 or more) | 42% |
53% |
The Committee included both taxable income and nontaxable income, such as tax-exempt interest, nontaxable social security, nontaxable foreign earned income, and life insurance proceeds in its calculations. Included in the tax burden column are federal income taxes, excise taxes, and employment taxes.
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© Copyright 2001 Raymond S. Kulzick. All rights reserved. 010901.
This publication provides business, financial planning, and/or tax information to our clients. All material is for general information only and should not be acted upon without seeking appropriate professional assistance.