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

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No. 540
Feb. 2017

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Summary of the Latest Federal Income

Tax Data, 2016 Update

By Scott Greenberg

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.


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