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2005’s tax analysis is in! You can read the summary from the 2004 figures here for a comparison.
- The top 1% of filers paid 39.4% of all income taxes on 21.% of total adjusted gross income
- Minimum income needed to be in the top 1% of filers: $364,000 (AGI)
- The top 5% of filers paid 59.7% of all income taxes on 36% of total AGI
- Minimum income needed to be in the top 5% of filers: $145,300
- The top 10% of filers paid 70% of all income taxes on 46% of total AGI
- Minimum income needed to be in the top 10% of filers: $103,900
- Bottom 50% of filers shouldered 3.1% of total income tax
Today is Super Tuesday. Who did you vote for?
Let me know if you need some ideas about how mortgage planning can lead you to a more tax efficient balance sheet.