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Federal Income Taxes and You
April 17th, 2008 by Mike

 The Congressional Budget Office released the following figures: 1Historical Effective Tax Rates: 1979-2005. Released December 2007

 

% of
Population
Approx Annual
Income
% of Tax
Burden Paid
Top 1% $1.3 M or more 38.8%
Top 20% $512 K or more 86.3%
Top 40% $58 K or more 99.4%
Bottom 60% Less than $58 K 0.06%
Bottom 40% Less than $37 K 0.00% 2Many in the category will get money “back” even though they paid no taxes.

 

Of course these figures do not include Social Security and Medicare taxes nor are state income or sales taxes included, all of which (except the income taxes) will skew the figures toward the lower income folks.

 

 

Footnotes   [ + ]

1. Historical Effective Tax Rates: 1979-2005. Released December 2007
2. Many in the category will get money “back” even though they paid no taxes.

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