(TheBlaze/AP) — How will households at different income levels pay federal income, payroll, corporate and estate taxes for 2013?
Despite claims that those at the top aren’t paying their “fair share,” the Tax Policy Center reports that the often-maligned “1%” will have an average income of $1.4 million, paying $514,144 in taxes. They’ll foot over 30 percent of the total bill.
The top 20 percent of Americans, meanwhile, will pay nearly 72 percent of the federal tax burden.
Here’s how the Associated Press breaks it down…
Bottom 20 percent
Average income: $10,552.
Average tax bill: -$284.
Average tax rate: -2.7 percent.
Share of federal tax burden: -0.4 percent.
Middle 20 percent
Average income: $46,562.
Average tax bill: $6,436.
Average tax rate: 13.8 percent.
Share of federal tax burden: 8.6 percent.
Top 20 percent
Average income: $204,490.
Average tax bill: $55,533.
Average tax rate: 27.2 percent.
Share of federal tax burden: 71.8 percent.
Top 1 percent
Average income: $1.4 million.
Average tax bill: $514,144.
Average tax rate: 35.5 percent.
Share of federal tax burden: 30.2 percent.
The average family in the bottom 20 percent of households pays no federal taxes. Instead, many families in this group get payments from the federal government by claiming more in credits than they owe in taxes, giving them a negative tax rate.
The Associated Press reports that the income, payroll, corporate and estate tax bills for the wealthy are among the highest since 1979.
“Federal taxes for middle- and low-income households will stay well below their averages for the same period,” they add.
This post has been updated.
- President Obama: ‘If You’ve Got a Business — You Didn’t Build That. Somebody Else Made That Happen’
- Comedian ‘Redistributes’ Children’s Candy in Hilarious ‘Obama-Style’ Halloween Prank
- ‘Fairness’: Labor Sec Says ‘Millionaires & Billionaires’ Have an ‘Obligation’ To Pay More Taxes
From the breaking news you need to know to the hottest trends circling the Web, TheBlaze has it all. Follow us on Facebook, Twitter, Instagram, Snapchat and Periscope.