JEC Republicans Report Highest Share of Tax Burden Since 1986 for Highest Income Filers
Press Release #110-24
- AuthorsSaxton, Rep. Jim
- Institutional AuthorsHouse of RepresentativesJoint Economic Committee
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2007-23098
- Tax Analysts Electronic Citation2007 TNT 200-12
The share of adjusted gross income generated by the top one percent has also increased. As noted in media reports, this share was 21.20 percent in 2005, relative to a level of 20.81 percent reached during the height of the stock market bubble in 2000 (when the income tax share of the top one percent was 37.42 percent). Congressman Jim Saxton, ranking member of the Joint Economic Committee, made the following remarks on the IRS data:
"Some have noted that the 2005 income share for the top one percent is the highest on record. However, it is not significantly different from the level reached in 2000. After the stock market and technology bubbles burst in 2000, the income share of the top one percent declined through 2002, rising with the stock market recovery in more recent years. In addition, although the income share of the top one percent is similar in 2000 and 2005, the income tax share was about two percentage points higher in 2005.
"In examining recent trends in the income share of the top one percent, what is most striking is its sharp rise during the 1990s. For example, between 1992 and 2000, the top one percent's share of income jumped from 14.23 percent to 20.81 percent, an increase of nearly 7 percentage points, before slipping in 2001 and 2002. These data show that the most significant increases in this income share occurred in the 1990s, not in more recent years," Saxton concluded.
Percentage of Federal
Percentiles Ranked Adjusted Gross Income Personal Income Tax
by AGI Threshold on Percentiles Paid
Top 1% $364,657 39.38%
Top 5% $145,283 59.67%
Top 10% $103,912 70.30%
Top 25% $62,068 85.99%
Top 50% $30,881 96.93%
Bottom 50% < $30,881 3.07%
Source: IRS (Tax Year 2005)
- AuthorsSaxton, Rep. Jim
- Institutional AuthorsHouse of RepresentativesJoint Economic Committee
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2007-23098
- Tax Analysts Electronic Citation2007 TNT 200-12