Some fascinating tax data from Vincent Farrell of Soleil Securities:
If you are lucky or hard-working enough to have earned $364,657 in 2006, the last year for which data is fully available, you are in the top 1% of earners.
That group earned 22% of all income and paid 40.4% of all taxes levied on individuals.
The top 1% paid almost as much as the lower 95%! The percent of taxes paid by the top 1% has increased from 19% of all tax to the current 40% over the last 25 years.
$145,283 in earnings landed you in the top 5% of earners, and the top 5% paid 60% of all taxes.
$103,912 was needed to qualify for the top 10%, and that group paid 70% of all taxes.
The top 25% of incomes (over $62,066) paid 86% of taxes.
Non Tax Payers
It’s estimated that, in 2009, well over 40% of American earners will pay no Federal tax.