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2016 Financial Report of the United States Government


United States Government Other Information (Unaudited) for the Years Ended September 30, 2016, and 2015

Tax Burden

The Internal Revenue Code provides for progressive tax rates, whereby higher earned income is 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 2014
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 36,377 72,237 1,968 1,968 54
2.7%
$15,000 under $30,000 30,212 665,587 18,657 22,031 618
2.8%
$30,000 under $50,000 26,072 1,021,446 56,423 39,178 2,164
5.5%
$50,000 under $100,000 32,221 2,303,583 201,406 71,493 6,251
8.7%
$100,000 under $200,000 17,501 2,361,756 297,112 134,950 16,977
12.6%
$200,000 under $500,000 4,979 1,419,777 276,112 285,153 55,531
19.5%
$500,000 or more 1,245 1,926,649 525,744 1,547,509 422,284
27.3%
   Total 148,607 9,771,035 1,377,797

Corporation Income Tax Liability for Tax Year 2013
Total Assets
(In thousands of dollars)
Income Subject
to Tax
(In millions of dollars)
Total Income Tax
After Credits
(In millions of dollars)
Percentage of Income
Tax After Credits to
Taxable Income
Zero assets 43,388 11,044
25.5%
$1 under $500 6,981 1,364
19.5%
$500 under $1,000 4,100 1,035
25.2%
$1,000 under $5,000 11,476 3,376
29.4%
$5,000 under $10,000 7,737 2,502
32.3%
$10,000 under $25,000 12,949 4,236
32.7%
$25,000 under $50,000 12,133 3,918
32.3%
$50,000 under $100,000 14,511 4,666
32.2%
$100,000 under $250,000 25,250 8,047
31.9%
$250,000 under $500,000 29,332 9,040
30.8%
$500,000 under $2,500,000 133,541 39,321
29.4%
$2,500,000 or more 957,085 204,808
21.4%
   Total 1,258,483 293,357



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