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Taxpayers paid $1.8 trillion in taxes to the federal government during fiscal
year 2003. Individuals, through income taxes and employment taxes, paid
83% of these taxes. Corporations paid 17% of all federal taxes. These figures do not include
state and local taxes such as sales tax and property taxes.
More than 70% of American households earn $50,000 or
less and pay approximately 14% of all individual income taxes per year. The
middle 21%, those earning $50,000-$100,000 pay 24% of the tax burden. The
top 9% of 1040's filed, individuals earning at least $100,000 per
year, paid 62% of all individual income taxes.
|
Individual Returns
(Size of AGI) |
% of all Returns filed |
% of Total Tax Paid |
Average Income Tax per return |
|
< $50,000 |
70.6% |
13.8% |
1,185 |
|
$50,000 - $100,000 |
20.6% |
24.0% |
7,052 |
|
$100,000 - $200,000 |
6.8% |
21.7% |
19,359 |
|
> $200,000 |
1.9% |
40.6% |
126,678 |
|
All 2003 Returns |
100.0% |
100.0% |
6,073 |
Surprisingly only a third of all taxpayers itemize their deductions.
The other two-thirds claim the standard deduction. The 2005 Standard
Deduction (if you do not itemize) for singles is $5,000 and $10,000 for joint
returns. More than 54% of all returns are prepared by accounting firms and
other paid preparers.
Interesting Facts:
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If you make $94,891 or more, you are in the top
10% of all taxpayers.
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If you make $295,495 or more, you are in the top
1% of all taxpayers.
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There were 182,932 returns filed in 2003 with
adjusted gross incomes of $1 million or more.
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