The American People

1. The American People Imagine the nation is represented by 1,000 people tax returns, married couples filing joint returns, and others, including those who don't have to file returns. Here are their projected incomes in 2011: 2. If the Tax Cuts Are Extended This is what each person in each income level would receive, on average, in the 2011 tax year, and also what he or she will pay in federal taxes. 3. Since '04 What each - those filing individual person saved, on average, from Bush tax cuts, 2004- 2010: PCT, OF INDIVIDUALS AVG. INCREASE IN AFTER-TAX INCOME SHARE OF FEDERAL AVG. SIZE OF 2011 TAX CUT INCOME THAT WILL GO TAXES EACH GROUP 125 PEOPLE WHO MAKE LESS THAN $10,000 TO FEDERAL TAXES WILL PAY $5 +0.1% 4.6% 0.2% $335 165 PEOPLE WHO MAKE $10,000 TO $19,999 $137 +0.9% 4.7% 0.8% $1,448 131 PEOPLE WHO MAKE $20,000 TO $29,999 $503 +2.2% 9.0% 2.1% $4,302 103 PEOPLE WHO MAKE $30,000 TO $39,999 $719 +2.4% 13.1% 3.3% $6,127 80 PEOPLE WHO MAKE $40,000 TO $49,999 $836 +2.2% 15.4% 3.8% $7,040 131 PEOPLE WHO MAKE $50,000 TO $74,999 $1,180 +2.3% 17.5% 10% $9,839 95 PEOPLE WHO MAKE $75,000 TO $99,999 $1,936 +2.8% 19.4% 11.1% $15,009 119 PEOPLE WHO MAKE $100,000 TO $199,999 $3,810 +3.5% 21.9% 25.8% $28,894 34 PEOPLE WHO MAKE $200,000 TO $499,999 A Tax Policy Center analysis found that about 55 percent of people at this income level and above would lose at least some of their tax cuts under the Obama proposal. $7,484 +3.4% 24.7% 17.2% $54,707 6 PEOPLE WHO MAKE $500,000 TO $999,999 $19,495 +3.8% 25.6% 7.6% $139,036 3 PEOPLE WHO MAKE MORE THAN $1 MILLION $128,832 +6.2% 29.6% 17.9% $858,405 People who make more than $1 million pay 17.9% of federal taxes. Most of this is paid by those making an average of $7.7 million. One of these three 31.0% 12.3% $2,326,607 people represents the top 0,1 percent of taxpayers who make an average of $7.7 MILLION • Not included: 0.8% of tax units (eight people in this simulation) who have no income. • Income figures are equivalent to adjusted gross income before certain deductions and exemptions; they include capital gains (or losses). All money figures are adjusted to 2009 dollars. • Average federal tax includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax. • Bush tax cut savings from 2004-2010 include changes to the alternative minimum tax and 2008 stimulus payments. Proportion and number of people in different income levels varied over the seven years. Average 2011 tax cut: $339,473 Increase in after-tax income: +6.9% Source: Daniel Baneman, Tax Policy Center THE NEW YORK TIMES The top 0.9% The upper 3.4% The middle 65.9% The bottom 29.0% 1. The American People Imagine the nation is represented by 1,000 people tax returns, married couples filing joint returns, and others, including those who don't have to file returns. Here are their projected incomes in 2011: 2. If the Tax Cuts Are Extended This is what each person in each income level would receive, on average, in the 2011 tax year, and also what he or she will pay in federal taxes. 3. Since '04 What each - those filing individual person saved, on average, from Bush tax cuts, 2004- 2010: PCT, OF INDIVIDUALS AVG. INCREASE IN AFTER-TAX INCOME SHARE OF FEDERAL AVG. SIZE OF 2011 TAX CUT INCOME THAT WILL GO TAXES EACH GROUP 125 PEOPLE WHO MAKE LESS THAN $10,000 TO FEDERAL TAXES WILL PAY $5 +0.1% 4.6% 0.2% $335 165 PEOPLE WHO MAKE $10,000 TO $19,999 $137 +0.9% 4.7% 0.8% $1,448 131 PEOPLE WHO MAKE $20,000 TO $29,999 $503 +2.2% 9.0% 2.1% $4,302 103 PEOPLE WHO MAKE $30,000 TO $39,999 $719 +2.4% 13.1% 3.3% $6,127 80 PEOPLE WHO MAKE $40,000 TO $49,999 $836 +2.2% 15.4% 3.8% $7,040 131 PEOPLE WHO MAKE $50,000 TO $74,999 $1,180 +2.3% 17.5% 10% $9,839 95 PEOPLE WHO MAKE $75,000 TO $99,999 $1,936 +2.8% 19.4% 11.1% $15,009 119 PEOPLE WHO MAKE $100,000 TO $199,999 $3,810 +3.5% 21.9% 25.8% $28,894 34 PEOPLE WHO MAKE $200,000 TO $499,999 A Tax Policy Center analysis found that about 55 percent of people at this income level and above would lose at least some of their tax cuts under the Obama proposal. $7,484 +3.4% 24.7% 17.2% $54,707 6 PEOPLE WHO MAKE $500,000 TO $999,999 $19,495 +3.8% 25.6% 7.6% $139,036 3 PEOPLE WHO MAKE MORE THAN $1 MILLION $128,832 +6.2% 29.6% 17.9% $858,405 People who make more than $1 million pay 17.9% of federal taxes. Most of this is paid by those making an average of $7.7 million. One of these three 31.0% 12.3% $2,326,607 people represents the top 0,1 percent of taxpayers who make an average of $7.7 MILLION • Not included: 0.8% of tax units (eight people in this simulation) who have no income. • Income figures are equivalent to adjusted gross income before certain deductions and exemptions; they include capital gains (or losses). All money figures are adjusted to 2009 dollars. • Average federal tax includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax. • Bush tax cut savings from 2004-2010 include changes to the alternative minimum tax and 2008 stimulus payments. Proportion and number of people in different income levels varied over the seven years. Average 2011 tax cut: $339,473 Increase in after-tax income: +6.9% Source: Daniel Baneman, Tax Policy Center THE NEW YORK TIMES The top 0.9% The upper 3.4% The middle 65.9% The bottom 29.0% 1. The American People Imagine the nation is represented by 1,000 people tax returns, married couples filing joint returns, and others, including those who don't have to file returns. Here are their projected incomes in 2011: 2. If the Tax Cuts Are Extended This is what each person in each income level would receive, on average, in the 2011 tax year, and also what he or she will pay in federal taxes. 3. Since '04 What each - those filing individual person saved, on average, from Bush tax cuts, 2004- 2010: PCT, OF INDIVIDUALS AVG. INCREASE IN AFTER-TAX INCOME SHARE OF FEDERAL AVG. SIZE OF 2011 TAX CUT INCOME THAT WILL GO TAXES EACH GROUP 125 PEOPLE WHO MAKE LESS THAN $10,000 TO FEDERAL TAXES WILL PAY $5 +0.1% 4.6% 0.2% $335 165 PEOPLE WHO MAKE $10,000 TO $19,999 $137 +0.9% 4.7% 0.8% $1,448 131 PEOPLE WHO MAKE $20,000 TO $29,999 $503 +2.2% 9.0% 2.1% $4,302 103 PEOPLE WHO MAKE $30,000 TO $39,999 $719 +2.4% 13.1% 3.3% $6,127 80 PEOPLE WHO MAKE $40,000 TO $49,999 $836 +2.2% 15.4% 3.8% $7,040 131 PEOPLE WHO MAKE $50,000 TO $74,999 $1,180 +2.3% 17.5% 10% $9,839 95 PEOPLE WHO MAKE $75,000 TO $99,999 $1,936 +2.8% 19.4% 11.1% $15,009 119 PEOPLE WHO MAKE $100,000 TO $199,999 $3,810 +3.5% 21.9% 25.8% $28,894 34 PEOPLE WHO MAKE $200,000 TO $499,999 A Tax Policy Center analysis found that about 55 percent of people at this income level and above would lose at least some of their tax cuts under the Obama proposal. $7,484 +3.4% 24.7% 17.2% $54,707 6 PEOPLE WHO MAKE $500,000 TO $999,999 $19,495 +3.8% 25.6% 7.6% $139,036 3 PEOPLE WHO MAKE MORE THAN $1 MILLION $128,832 +6.2% 29.6% 17.9% $858,405 People who make more than $1 million pay 17.9% of federal taxes. Most of this is paid by those making an average of $7.7 million. One of these three 31.0% 12.3% $2,326,607 people represents the top 0,1 percent of taxpayers who make an average of $7.7 MILLION • Not included: 0.8% of tax units (eight people in this simulation) who have no income. • Income figures are equivalent to adjusted gross income before certain deductions and exemptions; they include capital gains (or losses). All money figures are adjusted to 2009 dollars. • Average federal tax includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax. • Bush tax cut savings from 2004-2010 include changes to the alternative minimum tax and 2008 stimulus payments. Proportion and number of people in different income levels varied over the seven years. Average 2011 tax cut: $339,473 Increase in after-tax income: +6.9% Source: Daniel Baneman, Tax Policy Center THE NEW YORK TIMES The top 0.9% The upper 3.4% The middle 65.9% The bottom 29.0% 1. The American People Imagine the nation is represented by 1,000 people tax returns, married couples filing joint returns, and others, including those who don't have to file returns. Here are their projected incomes in 2011: 2. If the Tax Cuts Are Extended This is what each person in each income level would receive, on average, in the 2011 tax year, and also what he or she will pay in federal taxes. 3. Since '04 What each - those filing individual person saved, on average, from Bush tax cuts, 2004- 2010: PCT, OF INDIVIDUALS AVG. INCREASE IN AFTER-TAX INCOME SHARE OF FEDERAL AVG. SIZE OF 2011 TAX CUT INCOME THAT WILL GO TAXES EACH GROUP 125 PEOPLE WHO MAKE LESS THAN $10,000 TO FEDERAL TAXES WILL PAY $5 +0.1% 4.6% 0.2% $335 165 PEOPLE WHO MAKE $10,000 TO $19,999 $137 +0.9% 4.7% 0.8% $1,448 131 PEOPLE WHO MAKE $20,000 TO $29,999 $503 +2.2% 9.0% 2.1% $4,302 103 PEOPLE WHO MAKE $30,000 TO $39,999 $719 +2.4% 13.1% 3.3% $6,127 80 PEOPLE WHO MAKE $40,000 TO $49,999 $836 +2.2% 15.4% 3.8% $7,040 131 PEOPLE WHO MAKE $50,000 TO $74,999 $1,180 +2.3% 17.5% 10% $9,839 95 PEOPLE WHO MAKE $75,000 TO $99,999 $1,936 +2.8% 19.4% 11.1% $15,009 119 PEOPLE WHO MAKE $100,000 TO $199,999 $3,810 +3.5% 21.9% 25.8% $28,894 34 PEOPLE WHO MAKE $200,000 TO $499,999 A Tax Policy Center analysis found that about 55 percent of people at this income level and above would lose at least some of their tax cuts under the Obama proposal. $7,484 +3.4% 24.7% 17.2% $54,707 6 PEOPLE WHO MAKE $500,000 TO $999,999 $19,495 +3.8% 25.6% 7.6% $139,036 3 PEOPLE WHO MAKE MORE THAN $1 MILLION $128,832 +6.2% 29.6% 17.9% $858,405 People who make more than $1 million pay 17.9% of federal taxes. Most of this is paid by those making an average of $7.7 million. One of these three 31.0% 12.3% $2,326,607 people represents the top 0,1 percent of taxpayers who make an average of $7.7 MILLION • Not included: 0.8% of tax units (eight people in this simulation) who have no income. • Income figures are equivalent to adjusted gross income before certain deductions and exemptions; they include capital gains (or losses). All money figures are adjusted to 2009 dollars. • Average federal tax includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax. • Bush tax cut savings from 2004-2010 include changes to the alternative minimum tax and 2008 stimulus payments. Proportion and number of people in different income levels varied over the seven years. Average 2011 tax cut: $339,473 Increase in after-tax income: +6.9% Source: Daniel Baneman, Tax Policy Center THE NEW YORK TIMES The top 0.9% The upper 3.4% The middle 65.9% The bottom 29.0% 1. The American People Imagine the nation is represented by 1,000 people tax returns, married couples filing joint returns, and others, including those who don't have to file returns. Here are their projected incomes in 2011: 2. If the Tax Cuts Are Extended This is what each person in each income level would receive, on average, in the 2011 tax year, and also what he or she will pay in federal taxes. 3. Since '04 What each - those filing individual person saved, on average, from Bush tax cuts, 2004- 2010: PCT, OF INDIVIDUALS AVG. INCREASE IN AFTER-TAX INCOME SHARE OF FEDERAL AVG. SIZE OF 2011 TAX CUT INCOME THAT WILL GO TAXES EACH GROUP 125 PEOPLE WHO MAKE LESS THAN $10,000 TO FEDERAL TAXES WILL PAY $5 +0.1% 4.6% 0.2% $335 165 PEOPLE WHO MAKE $10,000 TO $19,999 $137 +0.9% 4.7% 0.8% $1,448 131 PEOPLE WHO MAKE $20,000 TO $29,999 $503 +2.2% 9.0% 2.1% $4,302 103 PEOPLE WHO MAKE $30,000 TO $39,999 $719 +2.4% 13.1% 3.3% $6,127 80 PEOPLE WHO MAKE $40,000 TO $49,999 $836 +2.2% 15.4% 3.8% $7,040 131 PEOPLE WHO MAKE $50,000 TO $74,999 $1,180 +2.3% 17.5% 10% $9,839 95 PEOPLE WHO MAKE $75,000 TO $99,999 $1,936 +2.8% 19.4% 11.1% $15,009 119 PEOPLE WHO MAKE $100,000 TO $199,999 $3,810 +3.5% 21.9% 25.8% $28,894 34 PEOPLE WHO MAKE $200,000 TO $499,999 A Tax Policy Center analysis found that about 55 percent of people at this income level and above would lose at least some of their tax cuts under the Obama proposal. $7,484 +3.4% 24.7% 17.2% $54,707 6 PEOPLE WHO MAKE $500,000 TO $999,999 $19,495 +3.8% 25.6% 7.6% $139,036 3 PEOPLE WHO MAKE MORE THAN $1 MILLION $128,832 +6.2% 29.6% 17.9% $858,405 People who make more than $1 million pay 17.9% of federal taxes. Most of this is paid by those making an average of $7.7 million. One of these three 31.0% 12.3% $2,326,607 people represents the top 0,1 percent of taxpayers who make an average of $7.7 MILLION • Not included: 0.8% of tax units (eight people in this simulation) who have no income. • Income figures are equivalent to adjusted gross income before certain deductions and exemptions; they include capital gains (or losses). All money figures are adjusted to 2009 dollars. • Average federal tax includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax. • Bush tax cut savings from 2004-2010 include changes to the alternative minimum tax and 2008 stimulus payments. Proportion and number of people in different income levels varied over the seven years. Average 2011 tax cut: $339,473 Increase in after-tax income: +6.9% Source: Daniel Baneman, Tax Policy Center THE NEW YORK TIMES The top 0.9% The upper 3.4% The middle 65.9% The bottom 29.0% 1. The American People Imagine the nation is represented by 1,000 people tax returns, married couples filing joint returns, and others, including those who don't have to file returns. Here are their projected incomes in 2011: 2. If the Tax Cuts Are Extended This is what each person in each income level would receive, on average, in the 2011 tax year, and also what he or she will pay in federal taxes. 3. Since '04 What each - those filing individual person saved, on average, from Bush tax cuts, 2004- 2010: PCT, OF INDIVIDUALS AVG. INCREASE IN AFTER-TAX INCOME SHARE OF FEDERAL AVG. SIZE OF 2011 TAX CUT INCOME THAT WILL GO TAXES EACH GROUP 125 PEOPLE WHO MAKE LESS THAN $10,000 TO FEDERAL TAXES WILL PAY $5 +0.1% 4.6% 0.2% $335 165 PEOPLE WHO MAKE $10,000 TO $19,999 $137 +0.9% 4.7% 0.8% $1,448 131 PEOPLE WHO MAKE $20,000 TO $29,999 $503 +2.2% 9.0% 2.1% $4,302 103 PEOPLE WHO MAKE $30,000 TO $39,999 $719 +2.4% 13.1% 3.3% $6,127 80 PEOPLE WHO MAKE $40,000 TO $49,999 $836 +2.2% 15.4% 3.8% $7,040 131 PEOPLE WHO MAKE $50,000 TO $74,999 $1,180 +2.3% 17.5% 10% $9,839 95 PEOPLE WHO MAKE $75,000 TO $99,999 $1,936 +2.8% 19.4% 11.1% $15,009 119 PEOPLE WHO MAKE $100,000 TO $199,999 $3,810 +3.5% 21.9% 25.8% $28,894 34 PEOPLE WHO MAKE $200,000 TO $499,999 A Tax Policy Center analysis found that about 55 percent of people at this income level and above would lose at least some of their tax cuts under the Obama proposal. $7,484 +3.4% 24.7% 17.2% $54,707 6 PEOPLE WHO MAKE $500,000 TO $999,999 $19,495 +3.8% 25.6% 7.6% $139,036 3 PEOPLE WHO MAKE MORE THAN $1 MILLION $128,832 +6.2% 29.6% 17.9% $858,405 People who make more than $1 million pay 17.9% of federal taxes. Most of this is paid by those making an average of $7.7 million. One of these three 31.0% 12.3% $2,326,607 people represents the top 0,1 percent of taxpayers who make an average of $7.7 MILLION • Not included: 0.8% of tax units (eight people in this simulation) who have no income. • Income figures are equivalent to adjusted gross income before certain deductions and exemptions; they include capital gains (or losses). All money figures are adjusted to 2009 dollars. • Average federal tax includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax. • Bush tax cut savings from 2004-2010 include changes to the alternative minimum tax and 2008 stimulus payments. Proportion and number of people in different income levels varied over the seven years. Average 2011 tax cut: $339,473 Increase in after-tax income: +6.9% Source: Daniel Baneman, Tax Policy Center THE NEW YORK TIMES The top 0.9% The upper 3.4% The middle 65.9% The bottom 29.0%