Tax Day Facts: Who Pays What? -
And these are just the federal taxes
According to Dr. Martin Regalia with the U.S. Chamber of Commerce, the federal government in 2007 collected $2.57 trillion in taxes. In five years, federal tax receipts are expected to be as high as $3.43 trillion. Where is the revenue coming from? And who is paying most it? The Office of Management and Budget says for 2007, federal revenue came from the following taxes:
• Individual income taxes – 45.3%
• Social insurance and retirement programs – 33.9%
• Corporate income taxes – 14.4%
• Other taxes (including estate and gift taxes) – 3.9%
• Excise taxes – 2.5%
For 2005, the most recent year of information available, taxpayers with an adjusted gross income (AGI) in the top 1% of the population paid 39% of all federal income taxes. Those in the bottom 50% paid only 3% of the income tax burden. Here’s the breakdown of who paid what in income taxes:
• Taxpayers in top 1% of AGI – 39% of all taxes paid
• Taxpayers in top 5% of AGI – 60% of all taxes paid
• Taxpayers in top 10% of AGI – 70% of all taxes paid
• Taxpayers in top 25% of AGI – 86% of all taxes paid
• Taxpayers in the top 50% of AGI – 97% of all taxes paid.
And these are just the federal taxes
According to Dr. Martin Regalia with the U.S. Chamber of Commerce, the federal government in 2007 collected $2.57 trillion in taxes. In five years, federal tax receipts are expected to be as high as $3.43 trillion. Where is the revenue coming from? And who is paying most it? The Office of Management and Budget says for 2007, federal revenue came from the following taxes:
• Individual income taxes – 45.3%
• Social insurance and retirement programs – 33.9%
• Corporate income taxes – 14.4%
• Other taxes (including estate and gift taxes) – 3.9%
• Excise taxes – 2.5%
For 2005, the most recent year of information available, taxpayers with an adjusted gross income (AGI) in the top 1% of the population paid 39% of all federal income taxes. Those in the bottom 50% paid only 3% of the income tax burden. Here’s the breakdown of who paid what in income taxes:
• Taxpayers in top 1% of AGI – 39% of all taxes paid
• Taxpayers in top 5% of AGI – 60% of all taxes paid
• Taxpayers in top 10% of AGI – 70% of all taxes paid
• Taxpayers in top 25% of AGI – 86% of all taxes paid
• Taxpayers in the top 50% of AGI – 97% of all taxes paid.
