Income Sources of Older Households: 2017

Link:https://www.census.gov/library/publications/2022/demo/p70br-177.html?utm_medium=email&utm_source=govdelivery

PDF: https://www.census.gov/content/dam/Census/library/publications/2022/demo/p70br-177.pdf

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This report examines older households’ sources of income, the amounts of this income, and how much each source of income contributes to total income. Older households receive income from a variety of sources, including social programs, private retirement savings, and earnings. Estimates from the 2018 Survey of Income and Program Participation (SIPP) show that in 2017, lower-income households relied on Social Security to a large degree, while higher-income households received a larger share of their income from private retirement savings and earnings. 

Author(s): DANIEL THOMPSON AND MICHAEL D. KING

Publication Date: Feb 2022

Publication Site: U.S. Census

Summary of the Latest Federal Income Tax Data, 2022 Update

Link: https://taxfoundation.org/summary-latest-federal-income-tax-data-2022-update?mc_cid=aeb8f14671&mc_eid=4737d05e09

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In 2019, taxpayers filed 148.3 million tax returns, reported earning nearly $11.9 trillion in adjusted gross income, and paid $1.6 trillion in individual income taxes.

The top 1 percent of taxpayers paid a 25.6 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent).

The share of reported income earned by the top 1 percent of taxpayers fell to 20.1 percent from 20.9 percent in 2018. The top 1 percent’s share of federal individual income taxes paid fell to 38.8 percent from 40.1 percent.

The top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.

The top 1 percent paid a greater share of individual income taxes (38.8 percent) than the bottom 90 percent combined (29.2 percent).

The Tax Cuts and Jobs Act reduced average tax rates across income groups.

Author(s): Erica York

Publication Date: 19 Jan 2022

Publication Site: Tax Foundation