A few of the tax statistics from the past ten years were just released by the IRS. Because I work mainly in the areas of wills and trusts, probates, estate planning and business planning, this information on taxes is very important to know and share as each individual looks at their own tax returns and those for the nation. Here is the link to the IRS data site: http://www.irs.gov/file_source/PUP/taxstats/indtaxstats/10in03etr.xls

Some of the interesting facts I took away from the report:

To be in the top 10% of filers for 2010, a filing unit (individual, married couple, head of household) had an AGI (adjusted gross income) of $116,623. Those top 10% of filers paid 70.62% of all income taxes, even though they only had a 45.17% share of all income.
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To be in the top 50%, the filing unit had an AGI of $34,338. those 50% of filers paid 97.64% of all income taxes.

Look over the whole chart and find your own information. What I want you to take away from this post is that even though politicians say that the rich do not pay enough in taxes, you need to remember that nearly 50% pay no taxes at all. The burden is squarely on the top 10%, but a majority of voters have plans for those other people’s money.