Happy July 4th, Here are Some Crazy Tax Facts

Happy July 4th from the Tax Foundation, celebrate with these factoids below…

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Top marginal income tax rate in 1913, the first year the modern income tax was levied: 7%

Inflation-adjusted annual income to qualify for the top rate in 1913: $11,332,304

Top marginal rate for tax year 2011: 35%

Minimum income needed to be subject to top rate in 2011: $379,150

Highest-ever marginal tax income rate: 94%

Years during which highest-ever marginal rate was levied: 1944-1945

Level to which it was lowered after in 1946: 91%

Number of days from the beginning of the year until Tax Freedom Day in 1900: 22

Number of days from the beginning of the year until Tax Freedom Day in 2012: 107

Inflation adjusted income required to be in the top 1% of earners in 1980: $219,970

Income required to be in the top 1% of earners in 2009: $343,927

Share of all federal income taxes paid by the top 1% in 1980: 19.05%

Share of all federal income taxes paid by the top 1% in 2009: 36.73%

Percentage of federal income taxes paid by the bottom 50% of all taxpayers in 1980: 7.05%

Percentage of federal income taxes paid by the bottom 50% of all taxpayers in 2009: 2.25%

Sources: IRS, Tax Foundation analysis.

 

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