TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Thursday, March 7, 2013

IRS Releases Winter 2013 SOI Bulletin

SOIThe IRS's Statistics of Income Division yesterday released (IR-2013-26) the Winter 2013 SOI Bulletin (Vol. 32, No. 3), with these articles:

Forbes:  New IRS Data: Rich Got Richer, But Paid Lower Tax Rate As Stocks Gained, by Janet Novack:

The IRS today released a new report showing that in 2010, as the nation’s stock markets recovered, the richest Americans saw their share of all national income rise and their effective federal income tax rate fall.

In 2008 and 2009, the wealthy saw their share of national income decline and their tax rates rise, in large part because their more lightly taxed capital gains fell.  But in 2010, the top 1% (the 1.35 million families with adjusted gross income above $369,691), reported  18.87% of all AGI, up from 17.21% in 2009. Meanwhile their average tax bill (as a percentage of AGI) fell to 23.39% in 2010, from 24.05% in 2009.

The trends were even more favorable for the top 0.1% (the 135,000 households with income above $1.6 million), who captured the lion’s share of the 1%’s income gains, garnering 9.24% of all AGI, up from 7.94% in 2009. The tax rate paid by the top 0.1% fell to 22.84% in 2010 from 24.28% in 2009, meaning they paid a lower rate than their less rich fellow 1 per-centers.   As a result, while the share of all income taxes paid by the top 0.1% also rose—to  17.88%, from 16.91% in 2010—it rose by less than the increase in their share of total national income.

IRS News, Tax | Permalink

TrackBack URL for this entry:

Listed below are links to weblogs that reference IRS Releases Winter 2013 SOI Bulletin: