Top 3% of U.S. Taxpayers Paid Majority of Income Tax in 2016

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. In other words, the bottom 50 percent paid 3 percent. Which small percentile of tax payers also paid 3 percent or more? You might have guessed it. It is the top 0.001%, or about 1,400 taxpayers. That group alone paid 3.25 percent of all income taxes. In 2001, the bottom 50 percent paid nearly 5 percent whereas the top 0.001 percent of filers paid 2.3 percent of income taxes. The individual income tax system is designed to be progressive – those with higher incomes pay at higher rates. While the indentation, or the reduction in the steepness of the “progressivity” curve, is visible at the highest levels.The average tax rates paid for the very wealthiest has fallen in recent years from a peak of 24.1 percent in 2013 to 22.9 on 2016 and was a full four percentage points below the 26.9 percent that the top one percent paid on average. To put these numbers in perspective, the top 0.001 percent of taxpayers consists of 1,409 returns, the top 1 percent equals 1.4 million returns and the top 50 percent is half of the total 140.9 million returns.

In 2016, the bottom 50 percent of income tax filers earned about 11.6 percent of total U.S. income. The top one percent received 19.7 percent of overall income while the 1,409 people among the top 0.001 percent had an aggregate income of $ 205 billion or 2 percent of the U.S. total.

The most extensive rewrite of the U.S. tax code in more than 30 years was signed in law in early 2018. Individuals may start to feel the effects of last year’s tax overhaul when they file their returns in April. Estimates show the law’s biggest benefits go to top earners.

Fortune

SPECIAL NEWS BULLETIN:

http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

CHARITY UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

New York Times: Kushner likely paid almost no federal income taxes for years

Jared Kushner, whose net worth is nearly $ 324 million, appears to have paid almost no income taxes from 2009 to 2016, The New York Times reported Saturday.


CNN.com – RSS Channel – Politics

SPECIAL NEWS BULLETIN:

http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

BEST DEAL UPDATE BY AMERICAN CONSULTANTS RX:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Gerresheimer AG Q3 Net Income Declines, Revenues Up 7.8% On Organic Basis

Gerresheimer AG (GRRMF.PK) reported third-quarter net income to equity holders of the parent of 18.42 million euros compared to 25.60 million euros, prior year. Earnings per share was 0.59 euros compared to 0.82 euros. Adjusted EBITDA at constant exchange rates decreased to 76.1 million euros from 78.2 million euros in the prior-year quarter. Excluding two negative effects, adjusted EBITDA at constant exchange rates would have totaled 79.5 million euros, 1.3 million euros higher than in the prior-year quarter. Adjusted net income after non-controlling interests came to 32.0 million euros in the third quarter, compared with 31.3 million euros in the prior-year quarter. The adjusted earnings per share after non-controlling interests came to 1.02 euros in the third quarter, compared to 1.00 euros, a year earlier.
RTT – Earnings

BEST DEAL UPDATE:

Mortgage fraud is getting worse as more people lie about their income to qualify for loans

Mortgage fraud risk jumped more than 12 percent year over year at the end of the second quarter, according to CoreLogic, which measures six fraud indicators: identity, income, occupancy, property, transaction and undisclosed real estate debt.
Real Estate

BEST DEAL UPDATE:

Easily Sell Your Home With ForSaleByOwner! A Home Sells with ForSaleByOwner Every 44 Minutes!