The Tax Policy Center yesterday released revenue and distributional impacts of the current tax law by both cash income percentiles and cash income class:
The following table shows the distributional breakdown of existing law (the federal taxes include the individual income tax, payroll tax (Social Security and Medicare), corporate income tax, and estate tax) by cash income group (percentage):
Income %
% of Income
% of Federal Taxes
Total Federal Tax Rate
Bottom 20%
2.5%
0.4%
3.3%
Next 20%
6.4%
2.3%
7.5%
Middle 20%
11.4%
7.8%
14.4%
Next 20%
19.8%
17.5%
18.6%
Top 20%
60.3%
71.9%
25.1%
The following table shows the distributional breakdown of existing law within the top 10% of income group:
Income %
% of Income
% of Federal Taxes
Total Federal Tax Rate
Top 10%
44.7%
56.2%
26.5%
Top 5%
33.5%
43.9%
27.5%
Top 1%
18.4%
25.6%
29,3%
Top 0.5%
14.5%
20.7%
30.0%
Top 0.1%
8.4%
12.5%
31.4%
The following table shows the distributional breakdown of existing law (the federal taxes include the individual income tax, payroll tax (Social Security and Medicare), corporate income tax, and estate tax) by cash income group (class):
Income %
% of Income
% of Federal Taxes
Total Federal Tax Rate
< 10k
1.2%
0.2%
3.8%
10k – 20k
4.2%
0.9%
4.7%
20k – 30k
5.6%
2.6%
10.0%
30k – 40k
5.9%
4.1%
14.4%
40k – 50k
5.9%
4.7%
16.7%
50k – 75k
14.4%
12.7%
18.6%
75k – 100k
11.9%
11.5%
20.3%
100k – 200k
22.5%
24.6%
23.1%
200k – 500k
12.6%
15.7%
26.1%
500k – 1m
5.0%
6.4%
26.9%
> 1m
11.2%
16.4%
30.8%
2 responses to “Tax Policy Center Releases Revenue and Distributional Impacts of Current Tax Law”
Tax Policy Center Releases Revenue and Distributional Impacts of Current Tax Law
Interesting (if you like tax distribution stuff)
I knew it. The rich just don’t pay their fair share of taxes.