The federal government generated $4.47 trillion in revenue in fiscal year 2023, nearly half of which came from taxing people on their incomes. Individual income taxes in FY 2023 totaled $2.18 trillion, or $6,499 per person.
How much income tax do the top earners pay?
Most of the government’s federal income tax revenue comes from the nation’s top income earners. In 2021, the top 5% of earners — people with incomes $252,840 and above — collectively paid over $1.4 trillion in income taxes, or about 66% of the national total. If you include the top 10% — everyone who made at least $169,800 — that figure rises to $1.7 trillion, or 76% of the total.
The top 50% of earners contributed 97.7% of federal income tax revenue.
Of course, people are taxed on more than their income. They also pay into Social Security and Medicare through payroll taxes. Plus, they’re subject to state, local, and sales taxes.
Source: USA Facts
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