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2012   Financial Report of the United States Government

United States Government Other Accompanying Information (Unaudited) for the Years Ended September 30, 2012, and 2011

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 2010
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 37,602 87,421 1,587 2,325 42 1.8%
$15,000 under $30,000 30,858 681,419 14,314 22,082 464 2.1%
$30,000 under $50,000 25,605 1,000,098 47,754 39,059 1,865 4.8%
$50,000 under $100,000 30,533 2,171,323 167,026 71,114 5,470 7.7%
$100,000 under $200,000 13,998 1,869,639 224,423 133,565 16,033 12.0%
$200,000 under $500,000 3,472 985,431 192,826 283,822 55,537 19.6%
$500,000 or more 55,537 1,293,811 303,745 1,568,256 368,176 23.5%
Total 142,893 8,089,142 951,675

Corporation Income Tax Liability for Tax Year 2009
Total Assets
(In thousands of dollars)
Income Subject
to Tax
Returns
(In millions of dollars)
Total Income Tax
after Credits
(In millions of dollars)
Percentage of Income
Tax after Credits to
Taxable Income
Zero assets 45,444 13,840 30.5%
$1 under $500 6,280 1,088 17.3%
$500 under $1,000 3,273 734 22.4%
$1,000 under $5,000 11,116 3,043 27.4%
$5,000 under $10,000 6,206 2,002 32.3%
$10,000 under $25,000 9,865 3,237 32.8%
$25,000 under $50,000 8,968 2,883 32.1%
$50,000 under $100,000 12,209 3,925 32.1%
$100,000 under $250,000 20,445 6,430 31.5%
$250,000 under $500,000 24,838 7,492 30.2%
$500,000 under $2,500,000 91,990 26,347 28.6%
$2,500,000 or more 654,215 133,974 20.5%
Total 894,849 204,995

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Last Updated:  February 27, 2013

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