Taxes – Fast Facts

All fast facts for taxes are from the non-partisan Congressional Budget Office (CBO) and one from the Tax Policy Center. Although they represent some of their most recent reports on this subject, they do not represent all of their reports on this subject. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify and view statements in their full context as often as possible.

In 2012, under current law, the AMT will affect about 18 percent of taxpayers (up from less than 3 percent in 2009), who will pay, on average, $3,900 more in taxes than they would under the regular income tax system; nearly every married taxpayer filing jointly with income between $100,000 and $500,000 will owe some alternative tax.  Verify at Page 33
The two reconciliation acts that President Clinton signed into law on August 5, 1997 the Taxpayer Relief Act of 1997 (TRA-97) and its companion, the Balanced Budget Act of 1997 contained the first major cut in federal taxes since the early 1980s.  Verify here
In 2008 and 2009, 50.8 percent – that is a majority of American households – paid no federal income taxes.  Nearly 30 percent of American households made money from the tax system those two years.  Verify here
Revenues from corporate income taxes rose from 1.2 percent of GDP in 2003 (their lowest level since 1983) to 2.7 percent in 2006 (their highest level since 1978).  Verify here
Between 1979 and 2007, the average tax rate for federal taxes combined declined for all income groups. The average individual income tax rate also declined over those years; the largest decrease occurred for the fifth of the population with the lowest income. Verify here
In 2007, the highest quintile earned 55.9% of pretax income and paid 68.9% of federal taxes, in all other quintiles their share of federal taxes was less than their income share.   Verify here
In 2007, the households in the bottom fifth of the income distribution (with average income of $18,400 under a broad definition of income) paid 4.0 percent of their income in federal taxes.  Verify here
In 2007, the middle quintile, with average income of $64,500, paid 14.3 percent of that income in taxes.  Verify here
In 2007, the highest quintile, with an average income of $264,700 paid 25.1 percent of total income taxes.  Verify here
Pages 1 2 3 4 5 6 7 8 9