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1 Kyle Pomerleau & Andrew Lundeen, Summary of Latest Federal Income Tax Data 1 (2014)

handle is hein.taxfoundation/sulafitd0001 and id is 1 raw text is: TAX@ FOUNDATION FISCAL FACT Dec. 2014 No. 445 Summary of Latest Federal Income Tax Data By Kyle Pomerleau & Andrew Lundeen Economist Manager of Federal Projects Key Findings The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2012, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.1 The data demonstrates that the U.S. individual income tax continues to be very progressive, borne mainly by the highest income earners. * In 2012, 136.1 million taxpayers reported earning $9.04 trillion in adjusted gross income and paid $1.1 trillion in income taxes. * All income groups increased their income and taxes paid over the previous year. * The top 1 percent of taxpayers earned their largest share of income since 2007 at 21.9 percent of total AGI and paid their largest share of the income tax burden since the same year at 38.1 percent of total income taxes. * In 2012, the top 50 percent of all taxpayers (68 million filers) paid 96.7 percent of all income taxes while the bottom 50 percent paid the remaining 3.3 percent. * The top 1 percent (1.3 million filers) paid a greater share of income taxes (38.1 percent) than the bottom 90 percent (122.4 million filers) combined (29.8 percent). * The top 1 percent of taxpayers paid a higher effective income tax rate than any other group at 22.8 percent, which is nearly 7 times higher than taxpayers in the bottom 50 percent (3.28 percent). 1 Internal Revenue Service, Sol Tax Stats-Individual Income Tax Rates and Tax Shares, http://www.irs.gov/uac/ SO1-Tax-Stats-Individual-Income-Tax-Rates-and-Tax-Shares.

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