There is always a lot of wind from politicians to get the top 1% of taxpayers to pay their fair share of taxes. Well according to the IRS they are and have been doing just that.
The tax burden on high incomers earners has increased, according to IRS statistics. The top 1% of individual filers paid 40.08% of all U.S. income taxes for 2018, (this is the most recent year the Service has analyzed). That’s up from 2017’s figure of 38.47%.
The top 1% reported 20.93% of total adjusted gross income, lower than the 2017, the year before.
Filers needed AGIs of at least $540,009 to earn their way into the top 1% category.
The highest 5% paid 60.30% of total income tax and accounted for 36.48% of all adjusted gross income. Each filer in this group had an AGI of $217,913 or more.
The top 10%, those with AGIs of at least $151,935, bore 71.37% of the burden while bringing in 47.66% of all individuals’ total adjusted gross income for the year.
The bottom 50% of all filers paid 2.94% 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 income tax relief through refundable credits, such as the EIC.
So, I have to ask, who isn’t paying their fair share of taxes? The top 10% are paying over 70% of all federal income taxes. Not including employment taxes, property taxes, state income taxes and sales taxes.