The Top 1% Pay 35%; The Bottom 30% Pay Nothing
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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.
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That means the wealthiest 1% of tax filers paid a 35% of all individual income-tax payments tin 2004.
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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:
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reported taxable income from those in the highest tax bracket rose by 39%;
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dividend income was up 42%
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capital gains income was up 98%
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small business net income surged 24.4% in 2004
