2010   Financial Report of the United States Government

United States Government Supplemental Information (Unaudited) for the Years Ended September 30, 2010, and 2009

Tax Burden

The Internal Revenue Code provides for progressive tax rates, whereby higher incomes are generally subject to higher tax rates. The following tables present the latest available information on income tax and related income, deductions, and credit for individuals by income level and for corporations by size of assets.

Individual Income Tax Liability for Tax Year 2008
Adjusted Gross Income (AGI) Number of Taxable Returns
(In thousands)
AGI
(In millions of dollars)
Total Income Tax
(In millions of dollars)
Average AGI per Return
(In whole dollars)
Average Income Tax per Return
(In whole dollars)
Income Tax as a Percentage of AGI
Under $15,000 37,970 104,025 2,227 2,740 59 2.1%
$15,000 under $30,000 29,687 655,035 18,958 22,065 639 2.9%
$30,000 under $50,000 25,641 1,002,998 56,953 39,117 2,221 5.7%
$50,000 under $100,000 30,926 2,193,691 184,554 70,934 5,968 8.4%
$100,000 under $200,000 13,851 1,845,103 232,270 133,211 16,769 12.6%
$200,000 under $500,000 3,477 993,427 193,700 285,714 55,709 19.5%
$500,000 or more 899 1,468,581 342,919 1,663,572 381,445 23.4%
Total 142,451 8,262,860 1,031,581      

 

Corporation Income Tax Liability for Tax Year 2007
Total Assets
(In thousands of dollars
Income Subject to Tax
(In millions of dollars)
Total Income Tax after Credits
(In millions of dollars)
Percentage of Income Tax after Credits to Taxable Income
Zero assets 26,280 8,593 32.7%
$1 under $500 8,205 1,582 19.3%
$500 under $1,000 4,292 1,017 23.7%
$1,000 under $5,000 15,577 4,628 29.7%
$5,000 under $10,000 10,008 3,299 33.0%
$10,000 under $25,000 16,650 5,547 33.3%
$25,000 under $50,000 13,139 4,347 33.1%
$50,000 under $100,000 16,621 5,392 32.4%
$100,000 under $250,000 27,977 9,100 32.5%
$250,000 under $500,000 35,046 10,876 31.0%
$500,000 under $2,500,000 145,944 44,586 30.6%
$2,500,000 or more 928,546 232,408 25.0%
Total 1,248,285 331,375 26.5%


Last Updated:  December 07, 2011