The top 1% of all filers paid about 35% of all federal income taxes in 2011, the most recent year IRS has analyzed. Filers need to have adjusted gross income (AGI) of at least $388,905 to qualify for the top 1% of earners.
The highest 5% paid 56.5% of total income tax. They each had AGI of at least $167,728.
The top 10% of filers, those with AGIs of $120,136 or more, bore 68.3% of the total tax burden.
The bottom 50% of filers paid 2.9% of the total tax burden.
The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 56 cents per mile for business miles driven
- 23.5 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations