- The annual income that fell into the top tax bracket 100 years ago was, in inflation adjusted 2012 dollars, more than $11 million; to be precise: $11,595,657.
- Today's top tax rate, thanks to the American Taxpayer Relief Act, is 39.6 percent. That will be paid by individuals making $400,000 or more.
- Don't fret about the increase from a 7 percent top ordinary income tax rate in 1913 to almost 40 percent in 2013, because in 1944-45 our parents/grandparents had to deal in 1944-1945 with a 94 percent tax income rate, the highest-ever marginal tax. Remember, this was during World War II.
- The Tax Foundation notes that in 1980, the top 1 percent of taxpayers accounted for just more than 19 percent of all federal income taxes paid. Thirty years later, that tiny group of wealthy
taxpayers paid more than 37 percent of the overall taxes collected.
- At the other end of the earning scale, says the nonprofit Washington, D.C., tax group, the percentage of federal income taxes paid by the bottom 50 percent of all taxpayers in 1980 was 7.05 percent. In 2009, that percentage had dropped to 2.36 percent.
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Have a great rest of the weekend!