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Federal Income Taxes and You
Apr 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.

 

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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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