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1 Scott Greenberg, Summary of the Latest Federal Income Tax Data, 2016 Update 1 (2017)

handle is hein.taxfoundation/sulfdtxa0001 and id is 1 raw text is: TAXS FOUNDATION FISCAL FACT No. 540 Feb. 2017 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 local levels. We are a 501(c)(3) non profit organization. ©2017 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 Summary of the Latest Federal Income Tax Data, 2016 Update By Scott Greenberg Analyst The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2014, 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 2014, 139.6 million taxpayers reported earning $9.71 trillion in adjusted gross income and paid $1.37 trillion in individual income taxes. The share of income earned by the top 1 percent of taxpayers rose to 20.6 percent in 2014. Their share of federal individual income taxes also rose, to 39.5 percent. In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent. The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent). The top 1 percent of taxpayers paid a 27.1 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent). 1 Individual Income Tax Rates and Tax Shares, Internal Revenue Service Statistics of Income, http://www.irs.gov/uac/ SO I-Tax-Stats- Individual-Income-Tax- Rates-and-Tax-Shares. 202.464.6200 taxfoundation org

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