(Worthy News) – Individual income taxes are the federal government’s single biggest revenue source. In fiscal year 2018, which ended Sept. 30, the individual income tax is expected to bring in roughly $1.7 trillion, or about half of all federal revenues, according to the Congressional Budget Office.
If past statistics can offer any guidance, in 2016, $1.44 trillion income taxes were paid by 140.9 million taxpayers reporting a total of $10.2 trillion in adjusted gross income, according to data recently released by the Internal Revenue Services.
Bloomberg looked into the 2016 individual returns data in detail for some additional insights illustrated in the charts below:
The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent)
The top 50 percent of all taxpayers paid 97 percent of total individual income taxes. [ Source: Bloomberg (Read More…) ]
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