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Tax Foundation : In 2012, the top 50 percent of all taxpayers (68 million filers) paid 96.7 percent of all income taxes

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Tax Foundation : In 2012, the top 50 percent of all taxpayers (68 million filers) paid 96.7 percent of all income taxes

The Tax Foundation’s annual summary of the latest federal income tax data broken down by income percentile.

This summary is a nicely formatted version of the 2012 data that the IRS released just before the holidays and is available as a PDF and Excel spreadsheet. Each year, this is one of our most popular resources for reporters, lawmakers, tax lawyers, etc.

Here are some of the highlights:

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).

click :

summary of the latest federal income tax data

5 thoughts on “Tax Foundation : In 2012, the top 50 percent of all taxpayers (68 million filers) paid 96.7 percent of all income taxes

  1. Blame the unions.

  2. The Liberal counter-argument to this, is that while these stats may be true, why is it that these people make so much money to begin with? It actually strengthens their wealth disparity argument.

    1. job creation is the issue , not how much people are making or not making

  3. You’re welcome. Oh, no one said thank you.

  4. Yeah James, NJ isn’t creating higher paying jobs (bye bye AC) and there is net migration OUT of the state. So if the taxable income pie isn’t going, but your costs are exploding due to contractual promises already made, then guess what happens? You raise the tax rates on the shrinking pie just to keep up. What do you think that’s going to do for future job creation and population growth in NJ? The whole union argument that we should pay even MORE in tax is completely disingenuous. It ignores the issue of how to grow tax revenues from jobs and wage growth, and just focuses on squeezing more blood from people who already are the highest taxed Americans in terms of federal + local taxes as a percentage of gross income. The union argument also ignores the fact that the deals they’ve negotiated for their members are TOO good, i.e. we should see public sector pension & healthcare benefit reductions, as well as higher pension & healthcare contribution rates from current employees before an tax increases in NJ.

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