Skip to comments.Are You Rich? $92,000.00 Puts You in Top 10%
Posted on 01/07/2003 3:32:10 PM PST by Weimdog
Newest Data Show High-Income Taxpayers Earning and Paying More
Top 25 Percent Paid 84 Percent of Income Taxes; Top One Paid 37.4 Percent
According to preliminary data released by the Internal Revenue Service and a new Tax Foundation Special Report, the top-earning 25 percent of taxpayers earned more than two-thirds of the nation's income (67.3%) and paid more than five out of every six dollars collected by the federal income tax (84%) in 2000. There were 32 million tax returns in the top 25 percent, all with adjusted gross incomes (AGI) over $55,225.
The top one percent of U.S. taxpayers (annual income over $313,469) made 20.8 percent of the income earned in 2000 and paid 37.4 percent of the total federal individual income taxes collected that year. This fraction of the tax burden paid by the top one percent - well over a third of the total - is up from 25.1 percent ten years earlier in tax year 1990.
At the other end of the income spectrum, the bottom 50 percent of the nation's taxpayers earned only 13.0 percent of all income in 2000, but they paid an even smaller fraction of the federal individual income taxes collected - 3.9 percent.
The data come from Tax Foundation Special Report No. 118, titled, "Who Pays the Federal Individual Income Tax?" by economist David Hoffman.
"Americans at the upper end of the income scale continue to bear an increasing share of the total federal individual income tax burden," observed Hoffman. "In a progressive tax system like ours, economic growth inevitably results in a steady shifting of the tax burden up the income scale. Although the current economic slowdown did begin in 2000, the annual growth rate for that year was still 5 percent, so a higher percentage of tax collections came in from high earners."
As the table shows, the top five percent of income earners (adjusted gross income over $128,336) and the top 10 percent (adjusted gross income over $92,114) both pay a significantly greater portion of federal individual income taxes than they did a decade ago.
(Excerpt) Read more at taxfoundation.org ...
I thought you all might be interested in finding out if your in the top 10% the Dems are always spouting off about.
As of 2000, if you have a household income of $92K, you're rich!
(so why do I feel so friggin' broke?)
Is that before or after taxes? :)
I believe that figure refers to the income of an individual, not necessarily a household.
Plus with all the money he saves by getting the children under 12 discount due to height, he's super rich!
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