Apr
14

Taxing Totals

income taxesIn 2014, the bottom fifth of Americans (incomes up to $24,200/year) earned 4.5% of income and paid -2.2% of income taxes (because of credits like EITC). The next quintile earned 9.3% of income and paid -1% of income taxes. The middle quintile earned 14.8% and paid 5.9%, while the fourth quintile earned 20% and paid 13.4%. The top quintile earned 51.3% of all income and paid 83.9% of income taxes.

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