Download Special Report No. 42
Executive Summary
Newly released income taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. data shows that the top one percent of income earners now pay more than one quarter of all federal individual income taxAn individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. The U.S. imposes a progressive income tax where rates increase with income. The Federal Income Tax was established in 1913 with the ratification of the 16th Amendment. Though barely 100 years old, individual income taxes are the largest source of tax revenue in the U.S. es. This striking fact is available in tax return statistics for 1992 from the Internal Revenue Service. These statistics are examined in this report to provide an overview of the distribution of federal income tax payments.
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