Upper Class Income Tax
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The tax plan is really aimed at the very top the top 1 or 0 1 a household income of 400 000 a year is well off by any measure with biden saying they can afford to pay a little more.
Upper class income tax. In the 1950s and 1960s when the economy was booming the wealthiest americans paid a top income tax rate of 91. These families earned a median income of 187 872 in 2016 compared to 52 who made up. While the median income of the upper class increased 9 between 2010 and 2016 the median income of the middle and lower classes increased by about 6 over the same period. Those in a range from below to just above the income of the middle class with agis in the range from 50 000 to 200 000 paid an average income tax rate of 10 8 percent.
According to a 2018 study by pew research center 19 of american adults were part of upper class households. The top one percent incomes above 515 371 paid an average income tax rate of nearly 27 percent. The bottom 80 own just 11 of the nation s wealth. These levels fluctuate from one year to the next and you may find yourself.
Factoring in federal state and local taxes those ultra wealthy households pay a total rate of about 23 that compares with just over 24 for the bottom half of households. Someone making an average of 75 000 is paying a 19 7 rate. The richest 1 pay an effective federal income tax rate of 24 7 in 2014. Today the top rate is 43 4.
Lower middle and upper class income levels.
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