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Wednesday, March 4, 2009

Taxable Income and Household Income Levels

HOW ACCURATE ARE THE QUOTED PERCENTAGES ON TAX ISSUES
On the IRS website, I looked up a table of 2006 (latest numbers) tax returns filed and taxes paid. After a few calculations, we came up with some percentages close to those being thrown around in the News.
Mainly, the tax on TAXABLE INCOME.
NUMBER OF TAX RETURNS OWING TAXES: 42,402,081
91% of all tax returns with taxable income reported less than $200,000.
9% was tax returns with taxable income over $200,000.
The tax being quoted on $250,000 or above is on TAXABLE INCOME.
A total of 2,957,282 were filed with taxable income between $200,000 and $500,000.
That’s 6.9% of all tax returns with taxable income.
TAXABLE INCOME: $4,109,723,394,000 (trillions)
Of the total taxable income reported , 50% was reported by taxpayers with less than $200,000 and 50% was reported by taxpayers with more that $200,000.
TAXES PAID: $837,277,177,000 (billions)
Of the total tax paid, 38% was paid by taxpayers with less than $200,000 taxable income.
(38,554,840 tax returns)
62% of the total tax paid was by taxpayers with more than $200,000 taxable income.
(3,847,241 tax returns)
TAXABLE INCOME RANGES
The IRS table ranges for taxable income , start with Under $5,000 and adds $5,000 to each level until it hits $100,000 of taxable income. Then the range goes to ($100,000 to $200,000),
( from $200,000 to $500,000) and then adds $500,000 to each new level up to $2,000,000, and ending with $10,000,000 or more. Yes there were tax returns filed for the $10,000,000 or more range, 15,710 of them.
OVERALL REVENUES
2006 total revenues: $2.4 Trillion with social security/medicare tax
2006 total outlays : $2.6 Trillion with social security/medicare tax
Deficit: $248 Billion
2006 revenue without social security/medicare tax: $1.8 Trillion
2006 outlays without social security/medicare tax: $2.2 Trillion
Deficit: $434 Billion

2007 INCOME DISTRIBUTION BY HOUSEHOLD-BUREAU OF LABOR STATISTICS
80 % of Household income for all races, is below $100,000.
20% is above $100,000. (12.2%-$100,000 to $149,000), (4.4%-$150,000-$199,999), (1.7%-$200,000-$249,000)
***2.1% of Household income for all races is above $250,000.
http://pubdb3.cesnsus.gov/ CURRENT POPULATION SURVEY

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