File:Share of taxes vs. AGI.svg
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Captions
Captions
Share of US individual income taxes vs. Share of Adjusted Gross Income (AGI)
Summary
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| Description |
English: Half of taxpayers paid 97.7 percent of federal individual income taxes, per York (2023) using 2020 data from the US Internal Revenue Service (IRS). The effective tax rate on the 1 percent highest adjusted gross incomes (AGIs) was 26 percent, almost double (1.91 times) the average, while the effective tax rate for the bottom half was 3.1 percent, only 23 percent of the average. A different perspective using gross income rather than AGI appears in work by Leiserson and Yagan (2021) published by the Biden White House. Leiserson and Yagan estimated that the average federal effective individual income tax rate paid by America’s 400 wealthiest families was between 6 and 12 percent with the most likely number being 8.2 percent. The difference comes in the adjustments, while the uncertainty comes from unsold stock, which is taxed at a maximum of 20 percent when sold and never taxed if passed as inheritance. Summary of the Latest Federal Income Tax Data, 2023 Update[1] (in en), Tax Foundation, 2023, Wikidata Q118189145 What Is the Average Federal Individual Income Tax Rate on the Wealthiest Americans?[2] (in en), White House, 2021, Wikidata Q118192958 |
| Date | |
| Source | Own work |
| Author | DavidMCEddy |
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| Date/Time | Thumbnail | Dimensions | User | Comment | |
|---|---|---|---|---|---|
| current | 21:41, 16 June 2024 | | 504 × 504 (15 KB) | DavidMCEddy (talk | contribs) | quantile>percent & larger font |
| 13:57, 7 May 2023 |  | 630 × 630 (15 KB) | DavidMCEddy (talk | contribs) | Uploaded own work with UploadWizard |
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