Tax News
January 2015
According to the most recent report of IRS statistics, the tax burden on this country may not be what the news makes it seems. As 2012 was the most recent year analyzed, all statistics herein will reflect the results for this tax year. In 2012, the top one percent, those making at least $434,682 or more each year paid about 38% of all federal income taxes. This is an increase of 3% from the previous year and is also expected to be increased in 2013 though these numbers have not yet been analyzed.
Those who earn $125,195 or more each year bore 70.2% of the total tax burden while taking home a little less than 48% of their adjusted gross income. This figure represents the top 10% of earners in America and shows that this population pays the majority of taxes within the country. Also stated in the report, was the statistic that the bottom 50% of filers paid 2.8% of the total federal income tax. This figure is much lower than those previously listed because social security taxes were not included and many of these individuals get substantial relief from Earned Income Tax Credits.
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