How Much Does Each US Wealth Bracket Pay In Income Taxes?

The top 1% of US earners paid 40% of federal income taxes in 2022, according to the latest available data. This share has increased from 33.2% in 2001, indicating a growing concentration of wealth at the top. In contrast, the share paid by the bottom 50% of earners decreased from 4.9% to 3% over the same period. The top 1% of earners, who have an income of over $663,000, paid $854.5 billion in income taxes in 2022. The average income tax rate for this tier was 26.1%, with individuals paying $561,523 on average in income tax. The top 5% to 1% of earners, with incomes between $261,591 and $663,164, paid $448.6 billion in income taxes, with an average tax rate of 23.1%. The bottom half of earners, with incomes of $50,339 or less, paid the smallest share of total income tax revenue, with an average tax rate of 3.7%. This group, which consists of 76.9 million American taxpayers, has seen a decline in their share of income tax payments. The data highlights the significant disparity in income tax contributions between the top and bottom earners in the US. The growing concentration of wealth at the top has led to a higher share of income tax revenue being paid by high-income individuals, while the bottom half of earners contribute a smaller share.