In 2021, taxpayers filed 153.6 million tax returns, reported earning more than $14.7 trillion in adjusted gross income (AGI), and paid nearly $2.2 trillion in individual income taxes. The bottom half of taxpayers, or taxpayers making under $46,637, faced an average income tax rate of 3.3 percent. As household income increases, average income tax rates rise. For example, taxpayers with AGI between the 10th and 5th percentiles ($169,800 and $252,840) paid an average income tax rate of 14.3 percent—four times the rate paid by taxpayers in the bottom half. The top 1 percent of taxpayers (AGI of $682,577 and above) paid the highest average income tax rate of 25.93 percent—nearly eight times the rate faced by the bottom half of taxpayers. Explore the latest data: https://hubs.ly/Q02PH8gg0
Tax Foundation
Public Policy Offices
Washington, DC 35,695 followers
The world's leading nonpartisan tax policy 501(c)(3) nonprofit.
About us
The Tax Foundation is the world's leading nonpartisan tax policy 501(c)(3) nonprofit. For over 80 years, our mission has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. Our vision is a world where the tax code doesn’t stand in the way of success. Every day, our team of trusted experts strives towards that vision by remaining principled, insightful, and engaged and by advancing the principles of sound tax policy: simplicity, neutrality, transparency, and stability. What We Do: • Research • Data • Education • Tax Modeling
- Website
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https://taxfoundation.org/tax-newsletter/
External link for Tax Foundation
- Industry
- Public Policy Offices
- Company size
- 11-50 employees
- Headquarters
- Washington, DC
- Type
- Nonprofit
- Founded
- 1937
- Specialties
- Public Policy, Economic Analysis, Tax Policy, trade analysis, Tax, Tax Law, Federal Tax, State Tax, and International Tax
Locations
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Primary
1325 G Street NW
Suite 950
Washington, DC 20005, US
Employees at Tax Foundation
Updates
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Here’s how much NFL players can expect to pay in state and local income taxes—to all relevant states—at multiple salary levels, by team. Read more: https://hubs.ly/Q02PHc9z0 #nfl #taxes
State Income Taxes and the 2024 NFL Draft Class
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In 2022, the major college sports leagues (Big 10, Big 12, NCAA etc.) collectively earned $3.3 billion in program service revenues—mostly TV rights—all of which is untaxed.
The Big Business of Tax-Free College Sports
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Studies have shown that the corporate income tax is the most harmful tax for economic growth. And conversely, studies are now confirming the benefits of reducing the corporate tax, finding the TCJA’s corporate tax reforms significantly boosted domestic investment. Read more: https://hubs.ly/Q02PzX0F0 #corporateincometax #incometax #business #economy
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While tax policy was almost nonexistent in the first debate between Vice President Kamala Harris and former President Donald Trump, this episode will explore each candidate’s latest proposals in greater depth. Watch here: https://hubs.ly/Q02PzFKS0
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Exempting overtime would unnecessarily complicate the tax code, increase compliance and administrative costs, and reduce neutrality by favoring certain work arrangements over others. Read more: https://hubs.ly/Q02PTlQN0
Trump’s Proposed Overtime Tax Exemption Would Distort Work Decisions
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#Estonia’s simple, transparent, and neutral tax system is a major success story, resulting in low compliance costs, efficient tax collection, and positive economic outcomes.
Taxing Distributed Profits Makes Business Taxation Simple and Efficient
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With pandemic-era savings now fully depleted and the majority of Americans pointing to their finances as their biggest source of stress, one thing is clear: the US needs policies that help people save more. Read more: https://hubs.ly/Q02PzDM90
How Tax Reform Can Bolster Americans’ Shrinking Savings
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With Americans spending more on restaurant meals than ever before, meals taxes are attractive to policymakers for their revenue-generating quality. That, however, doesn't make them good policy. More here: https://hubs.ly/Q02PzPDq0 #mealstaxes #taxes #economy
Meals Taxes across the Nation
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Americans are leaving high-tax, high-cost-of-living states in favor of lower-tax, lower-cost alternatives. The top 10 states experiencing inbound migration are: 1. South Carolina 2. Delaware 3. North Carolina 4. Tennessee 5. Florida 6. Montana 7. Idaho 8. Maine 9. Texas 10. Alabama Explore the data here: https://hubs.ly/Q02PzPwT0 #taxes #migration