Are You Rich? $92,000.00 Puts You in Top 10%

The Tax Foundation ^ | The Tax Foundation

[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.

[Weimdog]

I followed a link from the CNN poll to The Tax Foundation.

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!

[Glenn]

As of 2000, if you have a household income of $92K, you're rich!

Wow!

[dead]

Woohoo! I'm rich!!

(so why do I feel so friggin' broke?)

[Tijeras_Slim]

(so why do I feel so friggin' broke?)

Is that before or after taxes? :)

[Centurion2000]

That's crazy ....

[dead]

If I didn't pay taxes, I really would feel rich.

[.38sw]

Wow! Hubby and I are rich rich rich! Must be why he drives a 1987 Toyota, my car is a '98 (I had to replace the old Mercury), and we don't take vacations. We're rich!

[Dog Gone]

Wow, a couple of middle class jobs puts you into the hated "Wrong People" category of Tom Daschle. You steenkin' rich Wrong People don't deserve tax cuts, dammit.

[Petronski]

the top 10 percent (adjusted gross income over $92,114)

I believe that figure refers to the income of an individual, not necessarily a household.

[jpl]

Using this standard, every member of Congress easily qualifies as "rich". So how come the liberal members always use the term as though they're talking about someone other than themselves?

[PLMerite]

I qualify (barely).

Does this mean I get a trophy wife?

[L.N. Smithee]

In answer to your question:

ROFLMBO!

[DannyTN]

Dare I ask...

How much debt to you have to have to be in the top 10% of most debt laden?

[Cicero]

Tom Daschle is high up in the rich category, especially when you add in his wife. Then he probably makes the 1%.

[Tijeras_Slim]

Tom Daschle is high up in the rich category

Plus with all the money he saves by getting the children under 12 discount due to height, he's super rich!

[lainde]

bttt

[Brett66]

I'm rich, I don't make close to 92,000 annually but I'm sure dems wouldn't want to cut taxes for me either so that makes me rich.

[mlmr]

With how many people in the household. With a family of six 92K doesnot go very far...

[dljordan]

Yeah, but they take half of it in taxes.