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...have used for decades was that the wealthiest 10$, those making $350,000.00 income all the way to the highest income earners making hundreds of millions of dollars annually, together apparently pay 70% of the income taxes collected each year. He fails to add however, that the highest marginal income tax rate paid is 35%, and that the wealthy find ways to hide much of their earnings from any income taxes whatsoever. If incomes were more equitably distributed among all wage earners that income tax realtionship would also be more widely and equitably distributed.
Below is a summary of income tax rates for 2008 and the corresponding marginal tax rates moving from category to category. Only 10% of Americans will fall into the top most marginal rates but the average income earned by that group is disproportionately larger than the bottom 90% of earners.
The IRS from October 1, 2005, through September 30, 2006, and includes information about returns filed and taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce. During Fiscal Year (FY) 2006, the IRS collected more than $2.2 trillion in tax and processed over 228 million returns from all sources. Over 80 million returns, including 54.3 percent of individual income tax returns, were filed electronically in FY 2006. Over 108 million individual income tax return filers. Here is how those collections were distributed:
Tax collection statistics
Summary of Collections before Refunds by Type of Return, Fiscal Year 2006:
Type of Return Number of Returns Gross Collections (Rounded to the nearest million US$)
Individual Income Tax 133,917,068 1,236,259,000,000
Corporate Income Tax 2,453,741 380,925,000,000
Employment Taxes 31,182,071 814,819,000,000
Gift Tax 255,651 1,970,000,000
Excise Taxes 942,145 57,990,000,000
Estate Tax 58,279 26,717,000,000
Total 168,808,955 2,518,680,000,000
The tax rate schedules are provided for tax planning purposes. To compute your actual income tax, please see the 2008 instructions for Form 1040, 1040A, or 1040EZ as appropriate.
Single Filing Status
(Tax Rate Schedule X)
10% on income between $0 and $8,025
15% on the income between $8,025 and $32,550; plus $802.50
25% on the income between $32,550 and $78,850; plus $4,481.25
28% on the income between $78,850 and $164,550; plus $16,056.25
33% on the income between $164,550 and $357,700; plus $40,052.25
35% on the income over $357,700; plus $103,791.75
Married Filing Jointly or Qualifying Widow(er) Filing Status
(Tax Rate Schedule Y-1)
10% on the income between $0 and $16,050
15% on the income between $16,050 and $65,100; plus $1,605.00
25% on the income between $65,100 and $131,450; plus $8,962.50
28% on the income between $131,450 and $200,300; plus $25,550.00
33% on the income between $200,300 and $357,700; plus $44,828.00
35% on the income over $357,700; plus $96,770.00
Married Filing Separately Filing Status
(Tax Rate Schedule Y-2)
10% on the income between $0 and $8,025
15% on the income between $8,025 and $32,550; plus $802.50
25% on the income between $32,550 and $65,725; plus $4,481.25
28% on the income between $65,725 and $100,150; plus $12,775.00
33% on the income between $100,150 and $178,850; plus $22,414.00
35% on the income over $178,850; plus $48,385.00
Head of Household Filing Status
(Tax Rate Schedule Z)
10% on the income between $0 and $11,450
15% on the income between $11,450 and $43,650; plus $1,145.00
25% on the income between $43,650 and $112,650; plus $5,975.00
28% on the income between $112,650 and $182,400; plus $23,225.00
33% on the income between $182,400 and $357,700; plus $42,755.00
35% on the income over $357,700; plus $100,604.00
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