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July 4th: Celebrate Independence Day with some tax facts

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Bruce Newman/Oxford Eagle/AP

(Read caption) Kaitlyn Urbanek carries a flag students made at a daycare during the annual First Baptist Church's Weekday Education Fourth of July parade in Oxford, Miss. on Tuesday, July 3, 2012. While some may celebrate the holiday with parades, the Reformed Broker also enjoys some celebratory tax facts alongside his fireworks.

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Happy July 4th from the Tax Foundation, celebrate with these factoids below...

Top marginal income tax rate in 1913, the first year the modern income tax was levied: 7%

Inflation-adjusted annual income to qualify for the top rate in 1913: $11,332,304

Top marginal rate for tax year 2011: 35%

Minimum income needed to be subject to top rate in 2011: $379,150

Highest-ever marginal tax income rate: 94%

Years during which highest-ever marginal rate was levied: 1944-1945

Level to which it was lowered after in 1946: 91%

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Number of days from the beginning of the year until Tax Freedom Day in 1900: 22

Number of days from the beginning of the year until Tax Freedom Day in 2012: 107

Inflation adjusted income required to be in the top 1% of earners in 1980: $219,970

Income required to be in the top 1% of earners in 2009: $343,927

Share of all federal income taxes paid by the top 1% in 1980: 19.05%

Share of all federal income taxes paid by the top 1% in 2009: 36.73%

Percentage of federal income taxes paid by the bottom 50% of all taxpayers in 1980: 7.05%

Percentage of federal income taxes paid by the bottom 50% of all taxpayers in 2009: 2.25%

Sources: IRS, Tax Foundation analysis.

RELATED: How much do you know about taxes? Take our quiz!


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