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Tuesday, November 20, 2018

Top 3% of U.S. Taxpayers Paid Over 50% of Income Tax in 2016

By Alexandre Tanzi

-Richest 1,409 taxpayers pay more income tax than bottom 70Mln
-Individual income tax to bring in about $1.7 trillion in FY18

Individual income taxes are the federal government’s single biggest revenue source. In fiscal year 2018, which ended Sept. 30, the individual income tax is expected to bring in roughly $1.7 trillion, or about half of all federal revenues, according to the Congressional Budget Office.

If past statistics can offer any guidance, in 2016, $1.44 trillion income taxes were paid by 140.9 million taxpayers reporting a total of $10.2 trillion in adjusted gross income, according to data recently released by the Internal Revenue Services.

Read the rest at Bloomberg.