As you file your return, consider the following (via AP unless otherwise linked):
* 45% of Americans pay no income tax (federal)
* The average federal income tax rate for all taxpayers is 9.3%, down from 9.9% in 1992.
* The 400 best-compensated Americans make an average of $345 million apiece (2007)
* The average federal income tax rate for these 400 was 17%. This is down from 26% in 1992. (Thank low capital gains taxes).
* There are a total of $1.1 trillion of tax breaks and deductions claimed by all taxpayers–an average of $8,000 per taxpayer.
* 35 million taxpayers took the mortgage-interest deduction (2009)
* 36 million taxpayers took the $1,000-per-child credit
* 41 million deducted state and local taxes
* 36 million saved $35 billion in taxes via charitable donations
* 28 million saved $24 billion because Social Security and railroad pensions aren’t taxed. (Now why the heck aren’t railroad pensions taxed?)
* The 40% highest-earning households in the country paid 86% of all Federal tax liabilities (not just income tax) (2006)
* The next 60% of households paid only 14% of all Federal tax liabilities (2006)
* The top 10% earning households paid 55% of all Federal tax liabilities (2006)
* The government has collected about the same percentage of GDP in taxes for the past 50 years (between 15% and 20%).
* 4.3 million households that make $50,000-$100,000 will pay no tax
* 485,000 households that make $100,000-$500,000 will pay no tax
* 14,000 households that make $500,000-$1 million will pay no tax
* 1,000 households that make more than $1 million will pay no tax
Have more tax facts? Please send and we’ll add.
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