Planning Briefs
Do The Top 1% In Income Pay Enough Income Tax?
Published Wednesday, May 12, 2021 at: 6:13 PM EDT
Do the top 1% in income in America pay enough income tax? Here are the facts to decide.
In 2018, the latest data from the Internal Revenue Service show 153.6 million individual income tax returns were filed. Of those returns, 1.6 million reported adjusted gross income of $500,000 or more. Thus, almost exactly 1% of individual returns filed in 2018 reported income of $500,000 or more. Using income as a gauge of wealth, rather than net worth, these are the “one-percenters.”
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