About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

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

What Is HeinOnline?

HeinOnline is a subscription-based resource containing nearly 3,000 academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most