THE BOTTOM 50 PERCENT OF ALL TAXPAYER EARN SO LITTLE
THAT THEIR contribution is under 3 percent of all income tax collected !!
Who Pays Income Taxes? See Who Pays What
For Tax Year 2006
THAT THEIR contribution is under 3 percent of all income tax collected !!
Obama is going to give the little guy 300 to over a 1000 back in less taxes. McCain is going to give everyone a 1000 dollar tax credit. It's difficult who is going to help the lower incomes more. But no doubt the rich will fare better under McCain.
Who Pays Income Taxes? See Who Pays What
For Tax Year 2006
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$388,806
39.89
Top 5%
$153,542
60.14
Top 10%
$108,904
70.79
Top 25%
$64,702
86.27
Top 50%
$31,987
97.01
Bottom 50%
<$31,987
2.99
Percentage of Federal Personal Income Tax Paid
Top 1%
$388,806
39.89
Top 5%
$153,542
60.14
Top 10%
$108,904
70.79
Top 25%
$64,702
86.27
Top 50%
$31,987
97.01
Bottom 50%
<$31,987
2.99
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service
BREAKING DOWN THE NUMBERSHere's how the average tax bill could change in 2009 if either John McCain's or Barack Obama's tax proposals were fully in place.MCCAINOBAMAIncomeAvg. tax billAvg. tax billOver $2.9M-$269,364+$701,885 $603K and up-$45,361+$115,974$227K-$603K-$7,871+$12$161K-$227K-$4,380-$2,789$112K-$161K-$2,614-$2,204$66K-$112K-$1,009-$1,290$38K-$66K-$319-$1,042$19K-$38K-$113-$892Under $19K-$19-$567
Source:The Tax Policy Center"Middle-class families get tax cuts that are three times larger from Obama than from McCain," Furman said. "And the McCain plan gives nearly one-quarter of its benefits to households making more than $2.8 million annually - the top 0.1%."
Those in the lowest-income groups would enjoy the biggest after-tax income rise as a percentage of income - between 2.4% and 5.5% (worth between $567 and $1,042). By contrast, the highest-income households - those with at least $603,000 in income - would see a dramatic decline in their after-tax income - a drop of 8.7%, or $116,000.
For Tax Year 2005
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$364,657
39.38
Top 5%
$145,283
59.67
Top 10%
$103,912
70.30
Top 25%
$62,068
85.99
Top 50%
$30,881
96.93
Bottom 50%
<$30,881
3.07
Percentage of Federal Personal Income Tax Paid
Top 1%
$364,657
39.38
Top 5%
$145,283
59.67
Top 10%
$103,912
70.30
Top 25%
$62,068
85.99
Top 50%
$30,881
96.93
Bottom 50%
<$30,881
3.07
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service
For Tax Year 2004
Percentiles Ranked by AGI
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$328,049
36.89
Top 5%
$137,056
57.13
Top 10%
$99,112
68.19
Top 25%
$60,041
84.86
Top 50%
$30,122
96.70
Bottom 50%
<$30,122
3.30
Percentage of Federal Personal Income Tax Paid
Top 1%
$328,049
36.89
Top 5%
$137,056
57.13
Top 10%
$99,112
68.19
Top 25%
$60,041
84.86
Top 50%
$30,122
96.70
Bottom 50%
<$30,122
3.30
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service
For Tax Year 2003
Percentiles Ranked by AGI
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$295,495
34.27
Top 5%
$130,080
54.36
Top 10%
$94,891
65.84
Top 25%
$57,343
83.88
Top 50%
$29,019
96.54
Bottom 50%
<$29,019
3.46
Percentage of Federal Personal Income Tax Paid
Top 1%
$295,495
34.27
Top 5%
$130,080
54.36
Top 10%
$94,891
65.84
Top 25%
$57,343
83.88
Top 50%
$29,019
96.54
Bottom 50%
<$29,019
3.46
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service
For Tax Year 2002
Percentiles Ranked by AGI
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$285,424
33.71
Top 5%
$126,525
53.80
Top 10%
$92,663
65.73
Top 25%
$56,401
83.90
Top 50%
$28,654
96.50
Bottom 50%
<$28,654
3.50
Percentage of Federal Personal Income Tax Paid
Top 1%
$285,424
33.71
Top 5%
$126,525
53.80
Top 10%
$92,663
65.73
Top 25%
$56,401
83.90
Top 50%
$28,654
96.50
Bottom 50%
<$28,654
3.50
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service
For Tax Year 2001
Percentiles Ranked by AGI
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$292,913
33.89
Top 5%
$127,904
53.25
Top 10%
$92,754
64.89
Top 25%
$56,085
82.90
Top 50%
$28,528
96.03
Bottom 50%
<$28,528
3.97
Percentage of Federal Personal Income Tax Paid
Top 1%
$292,913
33.89
Top 5%
$127,904
53.25
Top 10%
$92,754
64.89
Top 25%
$56,085
82.90
Top 50%
$28,528
96.03
Bottom 50%
<$28,528
3.97
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service
For Tax Year 2000
Percentiles Ranked by AGI
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$313,469
37.42
Top 5%
$128,336
56.47
Top 10%
$92,144
67.33
Top 25%
$55,225
84.01
Top 50%
$27,682
96.09
Bottom 50%
<$27,682
3.91
Percentage of Federal Personal Income Tax Paid
Top 1%
$313,469
37.42
Top 5%
$128,336
56.47
Top 10%
$92,144
67.33
Top 25%
$55,225
84.01
Top 50%
$27,682
96.09
Bottom 50%
<$27,682
3.91
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service
For Tax Year 1999
Percentiles Ranked by AGI
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$293,415
36.18
Top 5%
$120,846
55.45
Top 10%
$87,682
66.45
Top 25%
$52,965
83.54
Top 50%
$26,415
96.00
Bottom 50%
<$26,415
4.00
Percentage of Federal Personal Income Tax Paid
Top 1%
$293,415
36.18
Top 5%
$120,846
55.45
Top 10%
$87,682
66.45
Top 25%
$52,965
83.54
Top 50%
$26,415
96.00
Bottom 50%
<$26,415
4.00
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service
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