2020 Income Taxes, updated

I still see a lot of "interesting" interpretations of tax rates, percentages, quintiles, etc., and of course, greed. I admit, the top 1% made out well with the lockdowns and pandemic in 2021 and 2022. Probably own a lot of stock in pharmaceuticals. And with new war expenses, and Biden shoveling all he can to Zalenskyy anyone invested in war materiel is doing well. But here's the latest I could find on 2020, the last full year of Trump's term.

 
"Average tax rates for all income groups remained lower in 2020, three years after the Tax Cuts and Jobs Act, than they were in 2017 prior to the reform.

In 2020, taxpayers filed 157.5 million tax returns, reported earning nearly $12.5 trillion in adjusted gross income (AGI), and paid $1.7 trillion in individual income taxes.

The average income tax rate in 2020 was 13.6 percent. The top 1 percent of taxpayers paid a 25.99 percent average rate, more than eight times higher than the 3.1 percent average rate paid by the bottom half of taxpayers.

The top 1 percent’s income share rose from 20.1 percent in 2019 to 22.2 percent in 2020 and its share of federal income taxes paid rose from 38.8 percent to 42.3 percent.

The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent.

The 2020 figures include pandemic-related tax items such as the non-refundable part of the first two rounds of Recovery Rebates and the $10,200 unemployment compensation exclusion."

Who Pays Federal Income Taxes? | IRS Federal Income Tax Data, 2023 (taxfoundation.org)