The IRS has released new date on calendar year 2008 individual income taxes, with some key points being:
- The top .1 of 1% of tax returns (adjusted gross income or AGI over $1,803,585) earned 10% of the nation's adjusted gross income and paid 18.5% of all federal individual inocme taxes with an average income tax rate of 22.7%.
- The top 1 percent of tax returns (AGI over $380.354) earned 20% of the nation's AGI and paid 38% of all federal individual income taxes and had an average tax rate of 23.3%.
- The top 5% earning taxpayers (AGI over $159,619) earned 34.7% of the nation's AGI and paid 58.7% of all federal individual income taxes at an average tax rate of 20.7%. This means the bottom 95% of taxpayers paid 41.3% of all federal individual income taxes.
- The bottom 50% of tax returns (AGI under $33,048) paid a total of 2.7% of all federal individual income taxes at an average tax rate of 2.6%.