Who’s paying what?

The top 1/5th  of taxpayers by income are estimated to pay 84% of total income tax! These are families with incomes of $134,300 and above.

The bottom 2/5th of taxpayers (that’s a misnomer!) pay NO income taxes!

Those top 1% taxpayers, that are so famous, pay 46% of total income tax (income above $615,000).

With a national debt of $18 trillion and growing which way do you believe taxes are headed – higher or lower?

To explore strategies to protect you from the uncertainty of future income taxes please contact me for a no charge initial consultation.

The Wall Street Journal reported this in the weekend edition April 11 – 12, 2015, by Laura Saunders

Groups of taxpayers by income Income                          Range Share of total U.S. Income Share of total income tax
Bottom fifth $0 to $24,200 45% -2.2%
$24,200 to $47,300 9.3% -1.0
Middle fifth $47,300 to $79,500 14.8 5.9
$79,500 to $134,300 20 13.4
Top fifth above $134,300 51.3 83.9

“The data come from estimates by the nonpartisan Tax Policy Center, a Washington-based research group, as Internal Revenue Service data for 2014 won’t be available for at least two years.

Another important difference: The income cited on the tables includes un-taxed amounts for employer-provided health coverage, tax-exempt interest and retirement-plan contributions and growth, among other things. This can be significant.”

View their web site: www.taxpolicycenter.org