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As of 2010, 68.8% of Federal individual tax receipts including payroll taxes, were paid by the top 20% of taxpayers by income group. The top 1% paid 24.2% whereas the bottom 20% paid 0.4% due to deductions and the Earned income tax credit. With 2013 tax law changes, the top 1% will pay an even larger share. [1]
One 2009 empirical analysis analyzed an estimated 15–27% of the individuals in the top 0.1% of adjusted gross income (AGI), including top executives, asset managers, law firm partners, professional athletes and celebrities, and highly compensated employees of investment banks. [27]
According to their data, the top 1% controlled 10% of the total income while the top 5% owned approximately 13% and the top 10% possessed around 12% of total income. By 1984, the percentage of total income owned by the top 1% rose from 10% to 16% while income shares of the top 5% and top 10% controlled 13.5% and 12%, respectively.
Category. Total cohort wealth (share) Wealth per household. Average wealth. $154.39 trillion (100 percent) $1.17 million. Average wealth of bottom 50 percent
Average and median household income by age group. In 2007, the top 20% of the wealthiest Americans possessed 80% of all financial assets. [14] In 2007, the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%.
As you can see, you need an income well over three times the national average to crack the top 10%. It takes another $140,000 on top of that to make the top 5%. And the 1% is making beaucoup bucks.
As the Tax Foundation writes, in 2014, the top 1% of taxpayers paid an average of 36.4% of their income in taxes — or about 5.6 percentage points less than in the 1950s.
However, the top 1% income fell from 2007 to 2016, due to both the Great Recession and tax hikes on upper incomes during the Obama Administration. [2] [36] Share of U.S. income earned by top 1% households in 1979 (blue), 2007 (orange), and 2016 (green) (CBO data). The first date 1979 reflects the more egalitarian pre-1980 period, 2007 was the ...