Published
February 18, at PM
New: Gift this subscriber-only story to your friends and family
SINGAPORE - Focusing on traditional means of taxing wealth by raising the highest marginal personal tax rates as well as taxes on higher-value properties and luxury car ownership could help further reduce social inequality and make the tax system more progressive and fairer, while maintaining Singapore's competitiveness as a wealth management hub, analysts said.
While a widely anticipated introduction of a wealth tax was put on hold, many analysts say it is no surprise that low-lying fruit was not spared.
Already a subscriber? Log in
ST One Digital Package - Monthly
$ $/month
No contract
$/month for the first 3 months, $/month thereafter. T&Cs apply.
Unlock these benefits
All subscriber-only content on ST app and www.oldyorkcellars.com
Easy access any time via ST app on 1 mobile device
2-week e-paper archive so you never miss out on any topic that matters to you
Get complimentary access to this article
Sign up or log in to read this article in full
Budget Tax hikes on top earners, higher-value properties, luxury cars may reduce social inequality
Sign up
Already have an account? Log in.
All done! This article is now fully available for you
Budget Tax hikes on top earners, higher-value properties, luxury cars may reduce social inequality
Please verify your e-mail to read this subscriber-only article in full
Budget Tax hikes on top earners, higher-value properties, luxury cars may reduce social inequality
Resend verification e-mail
The gift link for this subscriber-only article has expired.
Get unlimited access to all stories at $/month for the first 3 months.
You have reached your limit of subscriber-only articles this month.
Get unlimited access to all stories at $/month for the first 3 months.
Subscribe now
The data demonstrates the U.S. individual income tax continues to be progressive, borne primarily by the highest income earners.
Key Findings
- Intaxpayers filed million tax returns, reported earning nearly $ trillion in adjusted gross income, high income earners 2022, and paid $ trillion in individual income taxes.
- The top 1 percent of taxpayers paid a percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent ( percent).
- The share of reported income earned by the top 1 percent of taxpayers fell to percent from percent in The top 1 percent’s share of federal individual income taxes paid fell to percent from percent.
- The top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.
- The top 1 percent paid a greater share of individual income taxes ( percent) than making money consigning clothes bottom 90 percent combined ( percent).
- The Tax Cuts and Jobs Act reduced average tax rates across income groups.
Reported Income and Taxes Paid Increased in Tax Year
Taxpayers reported nearly $ trillion in adjusted gross income (AGI) on million tax returns in The number of returns filed rose by million ( percent) and reported AGI rose by $ million ( percent) above levels. Total income taxes paid rose by $42 billion to $ trillion, a percent increase above The average individual income tax rate was nearly unchanged: percent incompared to percent in
Top 1% | Top 5% | Top 10% | Top 25% | Top 50% | Bottom 50% | All Taxpayers | |
---|---|---|---|---|---|---|---|
Number of Returns | 1, | 7, | 14, | 37, | 74, | 74, | , |
Adjusted Gross Income ($ millions) | $2, | $4, | $5, | $8, | $10, | $1, | $11, |
Share of High income earners 2022 Adjusted Gross Income | % | % | % | % | % | % | % |
Income Taxes Paid ($ millions) | $, | $, | $1, | $1, | $1, | $48, | $1, |
Share of Total Income Taxes Paid | % | % | % | % | % | % | % |
Income Split Point | $, | $, | $, | $87, | $44, | $44, | |
Average Tax Rate | % | % | % | % | % | % | % |
Average Income Taxes Paid | $, | $, | $75, | $36, | $20, | $ | $10, |
High-Income Taxpayers Paid the Highest Average Income Tax Rates
Intaxpayers with higher incomes paid much higher average income tax rates than lower-income taxpayers.[2]
The bottom 50 percent of taxpayers (taxpayers with AGI below $44,) faced an average income tax rate of percent, high income earners 2022. As household income increases, average income tax rates rise. For example, taxpayers with AGI between the top 10th and 5th percentiles ($, and $,) paid an average income tax rate of percent— times the rate paid by taxpayers in the bottom 50 percent.
The top 1 percent of taxpayers (AGI of $, and above) paid the highest effective income tax rate of percent—more than seven times the rate faced by the bottom 50 percent of high income earners 2022 should note the IRS dataset excludes the refundable portion of tax credits such as the earned income tax credit, which means the IRS data overstates the tax rate paid by taxpayers at the bottom.
High-Income Taxpayers Paid the Majority of Federal Income Taxes
Inthe bottom 50 percent of taxpayers (taxpayers with AGI below $44,) earned percent of total AGI and paid percent ($ billion) of all federal individual income taxes.
The top 1 percent (taxpayers with AGI of $, and above) earned percent of total AGI in and paid percent of all federal income taxes.
Inthe top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $ billion in income taxes while the bottom 90 percent high income earners 2022 $ billion in income taxes.
Readers should note the IRS dataset does not account for the refundable portion of tax credits such as the earned income tax credit, high income earners 2022. If the refundable portion were included, the tax share of the top income groups would be higher than what is reported here. The refundable portion is classified as a spending program by the Office of Management and Budget (OMB) and therefore is not included by the IRS in tax share figures.
The share of income taxes paid by the top 1 percent increased from percent in to percent indown about percentage points from a high of percent in Over the same period, the share paid by the bottom 50 percent of taxpayers fell from percent to just over 3 percent inup about a tenth of a percentage point from
Similarly, the share of adjusted gross income reported by the top 1 percent increased from percent in to percent in The AGI share of the top 1 percent fluctuates considerably over the business cycle, rising with expansions and falling with contractions to a greater extent than income reported by other groups. The share of AGI reported by the bottom 50 percent of taxpayers fell from percent in to percent in
The Tax Cuts and Jobs Act Reduced Average Tax Rates Across Income Groups
The filing high income earners 2022 was the second filing season under the TCJA. The TCJA made many significant, but temporary, high income earners 2022, changes to the individual income tax code including lower tax rates, wider brackets, a larger standard deduction, high income earners 2022, and an expanded child tax credit. The net effect of all the changes was to lower tax burdens, on average, for taxpayers across all income levels.
Inindividual taxpayers paid $ trillion in individual income taxes, $23 billion less than in bitcoin investing 2022 21, even as adjusted gross income was $ billion higher. Average tax rates were lower in than in across all income groups. Average rates for the bottom 50 percent fell from percent in to percent in and for the top 1 percent, from percent to percent.
The share of income taxes paid by the bottom 50 percent of taxpayers changed little fromwhen it was percent, high income earners 2022, to percent in The share of income taxes paid by the top high income earners 2022 percent increased slightly from percent in to percent in
Appendix
- For data prior toall tax returns that have a positive AGI are included, high income earners 2022, even those that do not have a positive income tax liability. For data from forward, returns with negative AGI are also included, but dependent returns are excluded.
- Income tax after credits (the measure of “income taxes paid” above) does not account for the refundable portion of tax credits such as the earned income tax credit. If the refundable portion were included, the tax share of the top income groups would be higher and the average tax rate of bottom income groups would be lower. The refundable portion is classified as a spending program by the OMB and therefore is not included by the IRS in these figures.
- The only tax analyzed here is the federal individual income tax, which is responsible for more than 25 percent of the nation’s taxes paid (at all levels of government). Federal income taxes are much more progressive than federal payroll taxes, which are responsible for about 20 percent of all taxes paid bitcoin investopedia predictions all levels of government) and are more progressive than most state and local taxes.
- AGI is a fairly narrow income concept and does not include income items like government transfers (except for the portion of Social Security benefits that is taxed), the value of employer-provided health insurance, underreported or unreported income (most notably that of sole proprietors), income derived from municipal bond interest, and net imputed rental income.
- The unit of analysis here is the tax return. In the figures prior tosome dependent returns are included. Under other units of analysis (like the U.S. Treasury Department’s Family Economic Unit), these returns would likely be paired with parents’ returns.
- These figures represent the legal incidence of the income tax. Most distributional tables (such as those from the Congressional Budget Office, the Tax Policy Center, Citizens for Tax Justice, the Treasury Department, and the Joint Committee on Taxation) assume that the entire economic incidence of personal income taxes falls on the income earner.
Year | Total | Top % | Top 1% | Top 5% | Between 5% and 10% | Top 10% | Between 10% and 25% | Top 25% | Between 25% and 50% | Top 50% | Bottom 50% |
---|---|---|---|---|---|---|---|---|---|---|---|
94, | 4, | 4, | 9, | 14, | 23, | 23, | 47, | 47, | |||
94, | 4, | 4, | 9, | 14, | 23, | 23, | 47, | 47, | |||
95, | 4, | 4, | 9, | 14, | 23, | 23, | 47, | 47, | |||
98, | 4, | 4, | 9, | 14, | 24, | 24, | 49, | 49, | |||
, | 1, | 5, | 5, | 10, | 15, | 25, | 25, | 50, | 50, | ||
, | 1, | 5, | 5, | 10, | 15, | 25, | 25, | 51, | 51, | ||
The Tax Reform Act of changed the definition of AGI, so data above and below this line is not strictly comparable. | |||||||||||
, | 1, | 5, | 5, | 10, | 15, | 26, | 26, | 53, | 53, | ||
, | 1, | 5, | 5, | 10, | 16, | 27, | 27, | 54, | 54, | ||
, | 1, | 5, | 5, | 11, | 16, | 27, | 27, | 55, | 55, | ||
, | 1, | 5, | 5, | 11, | 16, | 28, | 28, | 56, | 56, | ||
, | 1, | 5, | 5, | 11, | 17, | 28, | 28, | 56, | 56, | ||
, | 1, | 5, | 5, | 11, | 16, | 28, | 28, | 56, | 56, | ||
, | 1, | 5, | 5, | 11, | 17, | 28, | 28, | 56, | 56, | ||
, | 1, | 5, | 5, | 11, | 17, | 28, | 28, | 57, | 57, | ||
, | 1, | 5, | 5, | 11, | 17, | 29, | 29, | 58, | 58, | ||
, | 1, | 5, | 5, | 11, | 17, | 29, | 29, | 59, | 59, | ||
, | 1, | 6, | 6, | 12, | 18, | 30, | 30, | 60, | 60, | ||
, | 1, | 6, | 6, | 12, | 18, | 30, | 30, | 61, | 61, | ||
, | 1, | 6, | 6, | 12, | 18, | 31, | 31, | 63, | 63, | ||
, | 1, | 6, | 6, | 12, | 19, | 32, | 32, | 64, | 64, | ||
The IRS changed methodology, so data above and below this line is not strictly comparable. | |||||||||||
, | 1, | 5, | 5, | 11, | 17, | 29, | 29, | 59, | 59, | ||
, | 1, | 5, | 5, | 11, | 17, | 29, | 29, | 59, | 59, | ||
, | 1, | 6, | 6, | 12, | 18, | 30, | 30, | 60, | 60, | ||
, | 1, | 6, | 6, | 12, | 18, | 30, | 30, | 61, | 61, | ||
, | 1, | 6, | 6, | 12, | 18, | 31, | 31, | 62, | 62, | ||
, | 1, | 6, | 6, | 12, | 19, | 32, | 32, | 64, | 64, | ||
, | 1, | 6, | 6, | 13, | 19, | 33, | 33, | 66, | 66, | ||
, | 1, | 6, | 6, | 13, | 19, | 33, | 33, | 66, | 66, | ||
, | 1, | 6, | 6, | 13, | 19, | 33, | 33, | 66, | 66, | ||
, | 1, | 6, | 6, | 13, | 20, | 33, | 33, | 67, | 67, | ||
, | 1, | 6, | 6, | 13, | 20, | 34, | 34, | 68, | 68, | ||
, | 1, | 6, | 6, | 13, | 20, | 34, | 34, | 68, | 68, | ||
, | 1, | 6, | 6, | 13, | 20, | 34, | 34, | 69, | 69, | ||
, | 1, | 6, | 6, | 13, | 20, | 34, | 34, | 69, | 69, | ||
, | 1, | 7, | 7, | 14, | 21, | 35, | 35, | 70, | 70, | ||
, | 1, | 7, | 7, | 14, | 21, | 35, | 35, | 70, | 70, | ||
, | 1, | 7, | 7, | 14, | 21, | 35, | 35, | 71, | 71, | ||
, | 1, | 7, | 7, | 14, | 21, | 36, | 36, | 72, | 72, | ||
, | 1, | 7, | 7, | 14, | 22, | 37, | 37, | 74, | 74, |
Year | Total | Top % | Top 1% | Top 5% | Between 5% & 10% | Top 10% | Between 10% & 25% | Top 25% | Between 25% & 50% | Top 50% | Bottom 50% |
---|---|---|---|---|---|---|---|---|---|---|---|
$1, | $ | $ | $ | $ | $ | $ | $ | $1, | $ | ||
$1, | $ | $ | $ | $ | $ | $1, | $ | $1, | $ | ||
$1, | $ | $ | $ | $ | $ | $1, | $ | $1, | $ | ||
$1, | $ | $ | $ | $ | $ | $1, | $ | $1, | $ | ||
$2, | $ | $ | $ | $ | $ | $1, | $ | $1, | $ | ||
$2, | $ | $ | $ | $ | $ | $1, | $ | $1, | $ | ||
$2, | $ | $ | $ | $ | $ | $1, | $ | $2, | $ | ||
The Tax Reform Act of changed the definition of AGI, so data above and below this line is not strictly comparable. | |||||||||||
$2, | $ | $ | $ | $1, | $ | $1, | $ | $2, | $ | ||
$3, | $ | $ | $ | $1, | $ | $1, | $ | $2, | $ | ||
$3, | $ | $ | $ | $1, | $ | $2, | $ | $2, | $ | ||
$3, | $ | $ | $ | $1, | $ | $2, | $ | $2, | $ | ||
$3, | $ | $ | $ | $1, | $ | $2, | $ | $2, | $ | ||
$3, | $ | $1, | $ | $1, | $ | $2, | $ | $3, | $ | ||
$3, | $ | $1, | $ | $1, | $ | $2, | $ | $3, | $ | ||
$3, | $ | $1, | $ | $1, | $ | $2, | $ | $3, | $ | ||
$4, | $ | $1, | $ | $1, | $ | $2, | $ | $3, | $ | ||
$4, | $ | $1, | $ | $1, | $1, | $2, | $ | $3, | $ | ||
$5, | $ | $1, | $ | $2, | $1, | $3, | $1, | $4, | $ | ||
$5, | $1, | $1, | $ | $2, | $1, | $3, | $1, | $4, | $ | ||
$5, | $1, | $2, | $ | $2, | $1, | $3, | $1, | $5, | $ | ||
$6, | $1, | $2, | $ | $2, | $1, | $4, | $1, | $5, | $ | ||
The IRS changed methodology, so data above and below this line is not strictly comparable. | |||||||||||
$6, | $ | $1, | $1, | $ | $2, | $1, | $3, | $1, | $5, | $ | |
$5, | $ | $ | $1, | $ | $2, | $1, | $3, | $1, | $5, | $ | |
$6, | $ | $1, | $1, | $ | $2, | $1, | $3, | $1, | $5, | $ | |
$6, | $ | $1, | $2, | $ | $2, | $1, | $4, | $1, | $5, | $ | |
$7, | $ | $1, | $2, | $ | $3, | $1, | $4, | $1, | $6, | $ | |
$7, | $ | $1, | $2, | $ | $3, | $1, | $5, | $1, | $6, | $ | |
$8, | $1, | $1, | $3, | $ | $4, | $1, | $5, | $1, | $7, | $1, | |
$8, | $ | $1, | $2, | $ | $3, | $1, | $5, | $1, | $7, | $ | |
$7, | $ | $1, | $2, | $ | $3, | $1, | $5, | $1, | $6, | $ | |
$8, | $ | $1, | $2, | $ | $3, | $1, | $5, | $1, | $7, | $ | |
$8, | $ | $1, | $2, | $ | $3, | $1, | $5, | $1, | $7, | $ | |
$9, | $1, | $1, | $3, | $ | $4, | $1, | $6, | $1, | $8, | $1, | |
$9, | $ | $1, | $3, | $1, | $4, | $2, | $6, | $1, | $7, | $1, | |
$9, | $ | $1, | $3, | $1, | $4, | $2, | $6, | $1, | $8, | $1, | |
$10, | $1, | $2, | $3, | $1, | $4, | $2, | $6, | $2, | $8, | $1, | |
$10, | $ | $2, | $3, | $1, | $4, | $2, | $6, | $2, | $8, | $1, | |
$10, | $1, | $2, | $3, | $1, | $5, | $2, | $7, | $2, | $9, | $1, | |
$11, | $1, | $2, | $4, | $1, | $5, | $2, | $7, | $2, | $10, | $1, | |
$11, | $1, | $2, | $4, | $1, | $5, | $2, | $8, | $2, | $10, | $1, |
Year | Total | Top % | Top 1% | Top 5% | Between 5% & 10% | Top 10% | Between 10% & 25% | Top 25% | Between 25% & 50% | Top 50% | Bottom 50% |
---|---|---|---|---|---|---|---|---|---|---|---|
$ | $47 | $92 | $31 | $ | $59 | $ | $50 | $ | $18 | ||
$ | $50 | $99 | $36 | $ | $69 | $ | $57 | $ | $21 | ||
$ | $53 | $ | $34 | $ | $66 | $ | $56 | $ | $20 | ||
$ | $55 | $ | $34 | $ | $64 | $ | $54 | $ | $19 | ||
$ | $63 | $ | $37 | $ | $68 | $ | $57 | $ | $22 | ||
$ | $70 | $ | $41 | $ | $73 | $ | $60 | $ | $23 | ||
$ | $94 | $ | $44 | $ | $78 | $ | $64 | $ | $24 | ||
The Tax Reform Act of changed the definition of AGI, so data above and below this line is not strictly comparable. | |||||||||||
$ | $92 | $ | $46 | $ | $79 | $ | $63 | $ | $22 | ||
$ | $ | $ | $48 | $ | $85 | $ | $68 | $ | $24 | ||
$ | $ | $ | $51 | $ | $93 | $ | $73 | $ | $25 | ||
$ | $ | $ | $52 | $ | $97 | $ | $77 | $ | $26 | ||
$ | $ | $ | $56 | $ | $96 | $ | $77 | $ | $25 | ||
$ | $ | $ | $58 | $ | $97 | $ | $78 | $ | $24 | ||
$ | $ | $ | $60 | $ | $ | $ | $80 | $ | $24 | ||
$ | $ | $ | $64 | $ | $ | $ | $84 | $ | $25 | ||
$ | $ | $ | $70 | $ | $ | $ | $88 | $ | $27 | ||
$ | $ | $ | $76 | $ | $ | $ | $95 | $ | $28 | ||
$ | $ | $ | $82 | $ | $ | $ | $ | $ | $31 | ||
$ | $ | $ | $88 | $ | $ | $ | $ | $ | $33 | ||
$ | $ | $ | $97 | $ | $ | $ | $ | $ | $35 | ||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $38 | ||
The IRS changed methodology, so data above and below this line is not strictly comparable. | |||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $43 | |
$ | $ | $ | $ | $93 | $ | $ | $ | $ | $ | $33 | |
$ | $ | $ | $ | $85 | $ | $ | $ | $98 | $ | $30 | |
$ | $ | $ | $ | $91 | $ | $ | $ | $ | $ | $32 | |
$ | $ | $ | $ | $98 | $ | $ | $ | $ | $ | $33 | |
$1, | $ | $ | $ | $ | $ | $ | $ | $ | $ | $35 | |
$1, | $ | $ | $ | $ | $ | $ | $ | $ | $1, | $37 | |
$1, | $ | $ | $ | $ | $ | $ | $ | $ | $ | $32 | |
$ | $ | $ | $ | $ | $ | $ | $ | $93 | $ | $21 | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $22 | |
$1, | $ | $ | $ | $ | $ | $ | $ | $ | $1, | $30 | |
$1, | $ | $ | $ | $ | $ | $ | $1, | $ | $1, | $33 | |
$1, | $ | $ | $ | $ | $ | $ | $1, | $ | $1, | $34 | |
$1, | $ | $ | $ | $ | $ | $ | $1, | $ | $1, | $38 | |
$1, | $ | $ | $ | $ | $1, | $ | $1, | $ | $1, | $41 | |
$1, | $ | $ | $ | $ | $1, | $ | $1, | $ | $1, | $44 | |
$1, | $ | $ | $ | $ | $1, | $ | $1, | $ | $1, | $50 | |
$1, | $ | $ | $ | $ | $1, | $ | $1, | $ | $1, | $45 | |
$1, | $ | $ | $ | $ | $1, | $ | $1, | $ | $1, | $48 |
Year | Total | Top % | Top 1% | Top 5% | Between 5% & 10% | Top 10% | Between 10% & 25% | Top 25% | Between 25% & 50% | Top 50% | Bottom 50% |
---|---|---|---|---|---|---|---|---|---|---|---|
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
The Tax Reform Act of changed the definition of AGI, so data above and below this line is not strictly comparable. | |||||||||||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
The IRS changed methodology, so data above and below this line is not strictly comparable. | |||||||||||
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % |
Year | Total | Top % | Top 1% | Top 5% | Between 5% & 10% | Top 10% | Between 10% & 25% | Top 25% | Between 25% & 50% | Top 50% | Bottom 50% |
---|---|---|---|---|---|---|---|---|---|---|---|
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
The Tax Reform Act of changed the definition of AGI, so data above and below this line is not strictly comparable. | |||||||||||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
The IRS changed methodology, so data above and below this line is not strictly comparable. | |||||||||||
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % |
Year | Top % | Top 1% | Top 5% | Top 10% | Top 25% | Top 50% |
---|---|---|---|---|---|---|
$80, | $43, | $35, | $23, | $12, | ||
$85, | $47, | $38, | $25, | $14, | ||
$89, | $49, | $39, | $27, | $14, | ||
$93, | $51, | $41, | $27, | $15, | ||
$, | $55, | $43, | $29, | $15, | ||
$, | $58, | $46, | $30, | $16, | ||
$, | $62, | $48, | $32, | $17, | ||
The Tax Reform Act of changed the definition of AGI, so data above and below this line is not strictly comparable. | ||||||
$, | $68, | $52, | $33, | $17, | ||
$, | $72, | $55, | $35, | $18, | ||
$, | $76, | $58, | $36, | $18, | ||
$, | $79, | $60, | $38, | $19, | ||
$, | $81, | $61, | $38, | $20, | ||
$, | $85, | $64, | $40, | $20, | ||
$, | $87, | $66, | $41, | $21, | ||
$, | $91, | $68, | $42, | $21, | ||
$, | $96, | $72, | $44, | $22, | ||
$, | $, | $74, | $45, | $23, | ||
$, | $, | $79, | $48, | $24, | ||
$, | $, | $83, | $50, | $25, | ||
$, | $, | $87, | $52, | $26, | ||
$, | $, | $92, | $55, | $27, | ||
The IRS changed methodology, so data above and below this line is not strictly comparable. | ||||||
$1, | $, | $, | $96, | $59, | $31, | |
$1, | $, | $, | $95, | $59, | $31, | |
$1, | $, | $, | $97, | $59, | $31, | |
$1, | $, | $, | $, | $62, | $32, | |
$1, | $, | $, | $, | $64, | $33, | |
$2, | $, | $, | $, | $67, | $34, | |
$2, | $, | $, | $, | $69, | $35, | |
$1, | $, | $, | $, | $69, | $35, | |
$1, | $, | $, | $, | $68, | $34, | |
$1, | $, | $, | $, | $69, | $34, | |
$1, | $, | $, | $, | $70, | $34, | |
$2, | $, | $, | $, | $73, | $36, | |
$1, | $, | $, | $, | $74, | $36, | |
$2, | $, | $, | $, | $77, | $38, | |
$2, | $, | $, | $, | $79, | $39, | |
$2, | $, | $, | $, | $80, | $40, | |
$2, | $, | $, | $, | $83, | $41, | |
$2, | $, | $, | $, | $87, | $43, | |
$2, | $, | $, | $, | $87, | $44, |
Year | Total | Top % | Top 1% | Top 5% | Between 5% & 10% | Top 10% | Between 10% & 25% | Top 25% | Between 25% & 50% | Top 50% | Bottom 50% |
---|---|---|---|---|---|---|---|---|---|---|---|
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
The Tax Reform Act of changed the definition of AGI, so data above and below this line is not strictly comparable. | |||||||||||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
% | % | % | % | % | % | % | % | % | % | ||
The IRS changed methodology, so data above and below this line is not strictly comparable. | |||||||||||
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % | |
% | % | % | % | % | % | % | % | % | % | % |
[All figures are estimates based on samples] | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total | Descending cumulative percentiles | ||||||||||||||
Top percent | Top percent | Top percent | Top 1 percent | Top 2 percent | Top 3 percent | Top 4 percent | Top 5 percent | Top 10 percent | Top 20 percent | Top 25 percent | Top 30 percent | Top 40 percent | Top 50 percent | ||
Number of returns: | |||||||||||||||
, | 1, | 11, | , | 1, | 2, | 3, | 4, | 5, | 11, | 23, | 29, | 35, | 47, | 59, | |
, | 1, | 11, | , | 1, | 2, | 3, | 4, | 5, | 11, | 23, | 29, | 35, | 47, | 59, | |
, | 1, | 12, | , | 1, | 2, | 3, | 4, | 6, | 12, | 24, | 30, | 36, | 48, | 60, | |
, | 1, | 12, | , | 1, | 2, | 3, | 4, | 6, | 12, | 24, | 30, | 36, | 49, | 61, | |
, | 1, | 12, | , | 1, | 2, | 3, | 4, | 6, | 12, | 24, | 31, | 37, | 49, | 62, | |
, | 1, | 12, | , | 1, | 2, | 3, | 5, | 6, | 12, | 25, | 32, | 38, | 51, | 64, | |
[4] , | [4] 1, | [4] 13, | , | 1, | 2, | 3, | 5, | 6, | 13, | 26, | 33, | 39, | 53, | 66, | |
, | 1, | 13, | , | 1, | 2, | 3, | 5, | 6, | 13, | 26, | 33, | 39, | 53, | 66, | |
, | 1, | 13, | , | 1, | 2, | 3, | 5, | 6, | 13, | 26, | 33, | 39, | 53, | 66, | |
, | 1, | 13, | , | 1, | 2, | 4, | 5, | 6, | 13, | 27, | 33, | 40, | 54, | 67, | |
, | 1, | 13, | , | 1, | 2, | 4, | 5, | 6, | 13, | 27, | 34, | 40, | 54, | 68, | |
, | 1, | 13, | , | 1, | 2, | 4, | 5, | 6, | 13, | 27, | 34, | 40, | 54, | 68, | |
, | 1, | 13, | , | 1, | 2, | 4, | 5, | 6, | 13, | 27, | 34, | 41, | 55, | 69, | |
, | 1, | 13, | , | 1, | 2, | 4, | 5, | 6, | 13, | 27, | 34, | 41, | 55, | 69, | |
, | 1, | 14, | , | 1, | 2, | 4, | 5, | 7, | 14, | 28, | 35, | 42, | 56, | 70, | |
, | 1, | 14, | , | 1, | 2, | 4, | 5, | 7, | 14, | 28, | 35, | 42, | 56, | 70, | |
, | 1, | 14, | , | 1, | 2, | 4, | 5, | 7, | 14, | 28, | 35, | 42, | 57, | 71, | |
, | 1, | 14, | , | 1, | 2, | 4, | 5, | 7, | 14, | 28, | 36, | 43, | 57, | 72, | |
, | 1, | 14, | , | 1, | 2, | 4, | 5, | 7, | 14, | 29, | 37, | 44, | 59, | 74, | |
Adjusted gross income floor on percentiles (current dollars): | |||||||||||||||
N/A | 31, | 6, | 1, | , | , | , | , | , | 96, | 67, | 59, | 51, | 40, | 31, | |
N/A | 25, | 5, | 1, | , | , | , | , | , | 95, | 67, | 59, | 51, | 40, | 31, | |
N/A | 28, | 6, | 1, | , | , | , | , | , | 97, | 69, | 59, | 52, | 40, | 31, | |
N/A | 38, | 8, | 1, | , | , | , | , | , | , | 72, | 62, | 54, | 42, | 32, | |
N/A | 50, | 10, | 1, | , | , | , | , | , | , | 74, | 64, | 56, | 43, | 33, | |
N/A | 54, | 11, | 2, | , | , | , | , | , | , | 77, | 67, | 58, | 44, | 34, | |
N/A | 62, | 12, | 2, | , | , | , | , | , | , | 80, | 69, | 60, | 46, | 35, | |
N/A | 49, | 10, | 1, | , | , | , | , | , | , | 80, | 69, | 60, | 46, | 35, | |
N/A | 34, | 7, | 1, | , | , | , | , | , | , | 79, | 68, | 58, | 44, | 34, | |
N/A | 45, | 8, | 1, | , | , | , | , | , | , | 80, | 69, | 59, | 44, | 34, | |
N/A | 41, | 8, | 1, | , | , | , | , | , | , | 82, | 70, | 60, | 45, | 34, | |
N/A | 62, | 12, | 2, | , | , | , | , | , | , | 85, | 73, | 63, | 47, | 36, | |
N/A | 45, | 9, | 1, | , | , | , | , | , | , | 87, | 74, | 64, | 48, | 36, | |
N/A | 56, | 11, | 2, | , | , | , | , | , | , | 90, | 77, | 66, | 50, | 38, | |
N/A | 59, | 11, | 2, | , | , | , | , | , | , | 93, | 79, | 68, | 51, | 39, | |
N/A | 53, | 10, | 2, | , | , | , | , | , | , | 94, | 80, | 69, | 52, | 40, | |
N/A | 63, | 12, | 2, | , | , | , | , | , | , | 97, | 83, | 72, | 54, | 41, | |
N/A | 68, | 13, | 2, | , | , | , | , | , | , | , | 87, | 75, | 57, | 43, | |
N/A | 60, | 12, | 2, | , | , | , | , | , | , | , | 87, | 75, | 57, | 44, | |
Adjusted gross income floor on percentiles (constant dollars): [1] | |||||||||||||||
N/A | 23, | 5, | 1, | , | , | , | , | 97, | 70, | 50, | 43, | 38, | 29, | 23, | |
N/A | 18, | 4, | , | , | , | , | , | 95, | 69, | 49, | 42, | 37, | 29, | 22, | |
N/A | 20, | 4, | , | , | , | , | , | 94, | 69, | 49, | 42, | 37, | 28, | 22, | |
N/A | 26, | 5, | 1, | , | , | , | , | 97, | 70, | 49, | 43, | 37, | 29, | 22, | |
N/A | 34, | 7, | 1, | , | , | , | , | 99, | 71, | 50, | 43, | 37, | 29, | 22, | |
N/A | 35, | 7, | 1, | , | , | , | , | , | 72, | 50, | 43, | 37, | 29, | 22, | |
N/A | 39, | 8, | 1, | , | , | , | , | , | 73, | 50, | 43, | 38, | 29, | 22, | |
N/A | 30, | 6, | 1, | , | , | , | , | 99, | 70, | 49, | 42, | 36, | 28, | 21, | |
N/A | 20, | 4, | , | , | , | , | , | 95, | 69, | 48, | 41, | 35, | 27, | 20, | |
N/A | 27, | 5, | , | , | , | , | , | 96, | 69, | 48, | 41, | 35, | 26, | 20, | |
N/A | 24, | 5, | , | , | , | , | , | 97, | 69, | 47, | 40, | 35, | 26, | 20, | |
N/A | 35, | 6, | 1, | , | , | , | , | , | 71, | 48, | 41, | 36, | 27, | 20, | |
N/A | 25, | 5, | 1, | , | , | , | , | , | 71, | 49, | 42, | 36, | 27, | 20, | |
N/A | 31, | 6, | 1, | , | , | , | , | , | 73, | 50, | 42, | 36, | 27, | 21, | |
N/A | 32, | 6, | 1, | , | , | , | , | , | 76, | 51, | 43, | 37, | 28, | 21, | |
N/A | 28, | 5, | 1, | , | , | , | , | , | 76, | 51, | 44, | 37, | 28, | 21, | |
N/A | 33, | 6, | 1, | , | , | , | , | , | 77, | 52, | 44, | 38, | 29, | 22, | |
N/A | 35, | 7, | 1, | , | , | , | , | , | 79, | 52, | 45, | 39, | 29, | 22, | |
N/A | 31, | 6, | 1, | , | , | , | , | , | 79, | 52, | 44, | 38, | 29, | 22, | |
Adjusted gross income (millions of dollars): | |||||||||||||||
6, | 84, | , | , | 1, | 1, | 1, | 1, | 1, | 2, | 3, | 3, | 4, | 4, | 5, | |
5, | 68, | , | , | , | 1, | 1, | 1, | 1, | 2, | 3, | 3, | 4, | 4, | 5, | |
6, | 83, | , | , | 1, | 1, | 1, | 1, | 1, | 2, | 3, | 3, | 4, | 4, | 5, | |
6, | , | , | , | 1, | 1, | 1, | 2, | 2, | 2, | 4, | 4, | 4, | 5, | 5, | |
7, | , | , | , | 1, | 1, | 2, | 2, | 2, | 3, | 4, | 4, | 5, | 5, | 6, | |
7, | , | , | , | 1, | 2, | 2, | 2, | 2, | 3, | 4, | 5, | 5, | 6, | 6, | |
8, | , | , | 1, | 1, | 2, | 2, | 2, | 3, | 4, | 5, | 5, | 6, | 7, | 7, | |
8, | , | , | , | 1, | 2, | 2, | 2, | 2, | 3, | 5, | 5, | 5, | 6, | 7, | |
7, | , | , | , | 1, | 1, | 1, | 2, | 2, | 3, | 4, | 5, | 5, | 6, | 6, | |
8, | , | , | , | 1, | 1, | 2, | 2, | 2, | 3, | 4, | 5, | 5, | 6, | 7, | |
8, | , | , | , | 1, | 1, | 2, | 2, | 2, | 3, | 5, | 5, | 6, | 6, | 7, | |
9, | , | , | 1, | 1, | 2, | 2, | 3, | 3, | 4, | 5, | 6, | 6, | 7, | 8, | |
9, | , | , | , | 1, | 2, | 2, | 2, | 3, | 4, | 5, | 6, | 6, | 7, | 7, | |
9, | , | , | , | 1, | 2, | 2, | 3, | 3, | 4, | 6, | 6, | 7, | 8, | 8, | |
10, | , | , | 1, | 2, | 2, | 3, | 3, | 3, | 4, | 6, | 6, | 7, | 8, | 8, | |
10, | , | , | , | 2, | 2, | 2, | 3, | 3, | 4, | 6, | 6, | 7, | 8, | 8, | |
10, | , | , | 1, | 2, | 2, | 3, | 3, | 3, | 5, | 6, | 7, | 8, | 9, | 9, | |
11, | , | , | 1, | 2, | 3, | 3, | 3, | 4, | 5, | 7, | 7, | 8, | 9, | 10, | |
11, | , | , | 1, | 2, | 3, | 3, | 3, | 4, | 5, | 7, | 8, | 8, | 9, | 10, | |
Total income tax (millions of dollars): [2] | |||||||||||||||
, | 20, | 57, | , | , | , | , | , | , | , | , | , | , | , | , | |
, | 16, | 48, | , | , | , | , | , | , | , | , | , | , | , | , | |
, | 17, | 47, | , | , | , | , | , | , | , | , | , | , | , | , | |
, | 21, | 59, | , | , | , | , | , | , | , | , | , | , | , | , | |
, | 27, | 75, | , | , | , | , | , | , | , | , | , | , | , | , | |
1, | 30, | 83, | , | , | , | , | , | , | , | , | , | , | , | , | |
1, | 38, | 97, | , | , | , | , | , | , | , | , | , | , | 1, | 1, | |
1, | 33, | 83, | , | , | , | , | , | , | , | , | , | , | , | , | |
, | 26, | 64, | , | , | , | , | , | , | , | , | , | , | , | , | |
, | 31, | 76, | , | , | , | , | , | , | , | , | , | , | , | , | |
1, | 26, | 70, | , | , | , | , | , | , | , | , | , | , | , | 1, | |
1, | 38, | 97, | , | , | , | , | , | , | , | , | 1, | 1, | 1, | 1, | |
1, | 40, | , | , | , | , | , | , | , | , | 1, | 1, | 1, | 1, | 1, | |
1, | 49, | , | , | , | , | , | , | , | , | 1, | 1, | 1, | 1, | 1, | |
1, | 51, | , | , | , | , | , | , | , | 1, | 1, | 1, | 1, | 1, | 1, | |
1, | 46, | , | , | , | , | , | , | , | 1, | 1, | 1, | 1, | 1, | 1, | |
1, | 61, | , | , | , | , | , | , | , | 1, | 1, | 1, | 1, | 1, | 1, | |
1, | 55, | , | , | , | , | , | , | , | 1, | 1, | 1, | 1, | 1, | 1, | |
1, | 49, | , | , | , | , | , | , | , | 1, | 1, | 1, | 1, | 1, | 1, | |
Average tax rate (percentage): [3] | |||||||||||||||
Adjusted gross income share (percentage): | |||||||||||||||
Total income tax share (percentage): | |||||||||||||||
[All figures are estimates based on samples] | ||||||
---|---|---|---|---|---|---|
Item, tax year | Total | Ascending cumulative percentiles | ||||
Bottom 50 percent | Bottom 75 percent | Bottom 90 percent | Bottom 95 percent | Bottom 99 Percent | ||
Number of returns: | ||||||
, | 59, | 89, | , | , | , | |
, | 59, | 89, | , | , | , | |
, | 60, | 90, | , | , | , | |
, | 61, | 91, | , | , | , | |
, | 62, | 93, | , | , | , | |
, | 64, | 96, | , | , | , | |
[3] , | 66, | 99, | , | , | , | |
, | 66, | 99, | , | , | , | |
, | 66, | 99, | , | , | , | |
, | 67, | , | , | , | , | |
, | 68, | , | , | , | , | |
, | 68, | , | , | , | , | |
, | 69, | , | , | , | , | |
, | 69, | , | , | , | , | |
, | 70, | , | , | , | , | |
, | 70, | , | , | , | , | |
, | 71, | , | , | , | , | |
, | 72, | , | , | , | , | |
, | 74, | , | , | , | , | |
Adjusted gross income (millions of dollars): | 3, | % | ||||
6, | , | 2, | 3, | 4, | 5, | |
5, | , | 2, | 3, | 4, | 5, | |
6, | , | 2, | 3, | 4, | 5, | |
6, | , | 2, | 3, | 4, | 5, | |
7, | , | 2, | 3, | 4, | 5, | |
7, | , | 2, | 4, | 5, | 6, | |
8, | 1, | 2, | 4, | 5, | 6, | |
8, | , | 2, | 4, | 5, | 6, | |
7, | , | 2, | 4, | 5, | 6, | |
8, | , | 2, | 4, | 5, | 6, | |
8, | , | 2, | 4, | 5, | 6, | |
9, | 1, | 2, | 4, | 5, | 7, | |
9, | 1, | 2, | 4, | 5, | 7, | |
9, | 1, | 3, | 5, | 6, | 7, | |
10, | 1, | 3, | 5, | 6, | 8, | |
10, | 1, | 3, | 5, | 6, | 8, | |
10, | 1, | 3, | 5, | 6, | 8, | |
11, | 1, | 3, | 6, | 7, | 9, | |
11, | 1, | 3, | 6, | 7, | 9, | |
Total income tax (millions of dollars): [1] | , | % | ||||
, | 43, | , | , | , | , | |
, | 33, | , | , | , | , | |
, | 30, | , | , | , | , | |
, | 32, | , | , | , | , | |
, | 33, | , | , | , | , | |
1, | 34, | , | , | , | , | |
1, | 37, | , | , | , | , | |
1, | 31, | , | , | , | , | |
, | 21, | , | , | , | , | |
, | 22, | , | , | , | , | |
1, | 30, | , | , | , | , | |
1, | 32, | , | , | , | , | |
1, | 34, | , | , | , | , | |
1, | 37, | , | , | , | , | |
1, | 41, | , | , | , | , | |
1, | 43, | , | , | , | , | |
1, | 49, | , | , | , | , | |
1, | 45, | , | , | , | , | |
1, | 48, | , | , | , | , | |
Average tax rate (percentage): [2] | ||||||
Adjusted gross income share (percentage): | ||||||
-