The Top 1% Pay 35%; The Bottom 30% Pay Nothing

The IRS's annual study of income tax data for 2004, just released, has some interesting and insightful findings. Wall Street Journal ran an article on it today. 
  • Americans who earned more than $1 million in adjusted gross income paid $178 billion, or an average of $740,000 per filer, in income taxes in 2004. That's up about one-third from 2002. 

  • That means the wealthiest 1% of tax filers paid a 35% of all individual income-tax payments tin 2004. 

  • The top 3% pay as much as the other 97% while the bottom 30% with a family income of $30,000 or less pay no taxes (WSJ article). 

The 2004 tax and income statistics also show that:

  • reported taxable income from those in the highest tax bracket rose by 39%; 

  • dividend income was up 42% 

  • capital gains income was up 98% 

  • small business net income surged 24.4% in 2004 

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