New report from the Congressional Budget Office:
2010 numbers by income quintiles:
0, 0, 2.3%, 9.3%, -6.2%, 0.4%
23.2k, 46.5k, 7.4%, 11%, -2.9%, 3.8%
35.7k, 71.4k, 13%, 14.3%, 2.9%, 9.1%
51.1k, 102.2, 21%, 19.8%, 13.3%, 17.6%
75.7k, 151k, 57.9%, 47.2%, 92.9%, 68.8%
Numbers for each quintile are:
Minimum yearly income for single person household to be in that quintile
Minimum yearly income for four person household to be in that quintile
% of all Regular Income
% of all Net Income (subtracting taxes and adding government transfers)
% of all Income taxes paid
% of All taxes paid
My take aways:
1) For anyone with a professional career or private business, it is easy to forget how little income many people make. A single person making fifty one thousand a year will put them ahead of sixty percent of the solo population!
2) The bottom three quintiles combined, a full sixty
percent of the country, account for a negative
percent of the total income taxes in the U.S.! The top two quintiles account for 106.2%
of all income taxes!
3) For anyone that thinks the upper class needs to pay more taxes, while making roughly sixty percent of the income, the top quintile is already paying roughly 93% of income taxes! Also, the only reason the top quintile doesn't pay such a huge percentage of total taxes (68.8%) is because they "only" pay 45% of all social security taxes and 32% of all excise taxes.