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1 Erica York, Summary of the Latest Federal Income Tax Data, February 2020 Update 1 (2020)

handle is hein.taxfoundation/smylfdit0001 and id is 1 raw text is: Summary of the Latest Federal Income Tax Data, February 2020 Update FISCAL Erica York FACT Economist No. 697 Feb. 2020 The Internal Revenue Service (IRS) has released data on individual income taxes for tax year 2017, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.' The data demonstrates that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners.2 In 2017, 143.3 million taxpayers reported earning $10.9 trillion in adjusted gross income and paid $1.6 trillion in individual income taxes. The share of reported income earned by the top 1 percent of taxpayers rose to 21 percent, from 19.7 percent in 2016. Their share of federal individual income taxes rose to 38.5 percent, from to 37.3 percent in 2016. In 2017, 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 (38.5 percent) than the bottom 90 percent combined (29.9 percent). The top 1 percent of taxpayers paid a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent). The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2020 Tax Foundation Distributed under Creative Commons CC BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 1 Internal Revenue Service, Statistics of Income, Number of Returns, Shares of AGI and Total Income Tax, AGI Floor on Percentiles 202.464.6200 in Current and Constant Dollars, and Average Tax Rates, Table 1, and Number of Returns, Shares of AGI and Total Income Tax, and Average Tax Rates, Table 2, https://www.irs.gov/statistics/soi-tax-stats-individual-income-tax-rates-and-tax-shares. taxfoundation.org 2 This data is for tax year 2017 and does not include any impact from the Tax Cuts and Jobs Act (TCJA).

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