The lowdown on high income — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

The lowdown on high income

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New IRS statistics show the top 1% of all filers paid about 38.1% of all federal income tax in 2012, the last year the agency analyzed it. That’s up 3% from the prior year. The top 5% paid 58.9% of the total income tax and accounted for 36.8% of adjusted gross income (AGI). Conversely, the bottom 50% of filers paid only 2.8% of the total tax revenue.

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