| Show n i Kin m U I H M w V I 1 1 I I I i- w- w w ibo-J J U L o I VM iv-vv DV s SOOK y f CM J tf an taxable income remaining after payment of Federal was con- for persons a gross come of or the added reVenue produced would operate the Federal Government for less than 13 days at the 1978 spending was one of the facts reported by utan the private tax research in a report designed to correct popular about the Federal income The report notes that many Americans con- underestimate the amount of Federal taxes paid by those in the higher income and suppose that the solution to government's con- need for increased revenue can be found in collecting more taxes from those with high The Foundation report lists the following facts which were drawn from a recently-released Federal Internal Revenue Service analysis of 1976 Federal income tax Of the tax returns reporting ad- gross incomes of or more in all but six paid a Federal income The average tax for the taxpayers in this high in- group was or 65 of their taxable Deductions and exemptions have a far greater effect in reducing the tax burden for persons in the lower income brackets than they do for persons in the upper income Taxable in- come amounted to only 18 of adjusted gross income ln the under income but was equal to 79 of ad- gross income in the and over income credits against the tax liability amounted to in the case of in- with a gross income below and only in the case of in- with incomes of or The top 50 of the taxpayer returns filed for 1976 with adjusted gross incomes of or amounted for of all Federal income taxes the bottom 50 of the returns filed accounted for less than 7 of the Federal income taxes The lower 25 of the taxpayers contributed less than Vi of 1 of total Federal income taxes several million low-income individuals have been removed from the tax rolls during recent years because of legislative changes benefiting those with low Although Federal income tax rates range all the way from 14 to ap- proximately 70 of the tax revenue is generated at rates of 25 or As a a uniform tax rate of would produce the same amount of revenue as is now received from the steeply progressive Federal tax During the 1976 tax year million individuals filing Federal tax returns throughout the United States paid a total of billion in income or an average of per In Utah thousand individuals paid million iri Federal average of per Because of generally lower income levels and greater deductions and ex- the percentage of income go- ing for Federal taxes in Utah is below that of the nation as a In the 1976 tax total Federal income taxes paid in Utah amounted to of ad- gross compared with throughout the U.S. The people of Utah have less sup- income from non-wage or salary Salary and wages ac- counted for of total adjusted gross income in Utah during the 1976 tax Throughout the United States salary and wages made up of the total adjusted gross income reported on all Federal tax |
