The tax burden on the wealthy has gone up, according to IRS statistics.
The top 1% of individual filers paid 39.5% of all federal income taxes in 2014, the most recent year the Revenue Service has analyzed (yes, they are behind). This is an increase from 37.8% in 2013.
They reported 20.6% of total adjusted gross income, also larger than in the prior year. Filers needed to have AGIs of at least $465,626 to qualify for the top 1% of earners.
The highest 5% paid 59.97% of total income tax and accounted for 35.96% of all adjusted gross income. They each had AGI of at least $188,996.
The top 10% of filers, those with AGIs of $133,445 or more, bore 70.9% of the total tax burden while bringing in approximately 47.2% of individuals’ total adjusted gross income.
The bottom 50% of filers paid 2.75% of the total federal income tax take. Their share is so low because the figures don’t include Social Security tax payments and because many of them get substantial relief through refundable tax credits