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2018 FACTS on WHO PAYS TAX
The top 1% of individual filers paid 40.08% of all U.S. income taxes for 2018 per IRS (up from 2017’s figure of 38.47%).
The top 1% earned at least $540,009.
The top 5% earned at least $217,913 and paid 60.30% of total income tax.
The top 10%, those with AGIs (Adjusted Gross Income) of at least $151,935, paid 71.37% of the tax burden.
The bottom 50% of filers paid 2.94% of the total federal income tax take.
COVID-19 related changed to Net Operating Losses (NOL)
CARES Act reverses the general ban on carrybacks of NOLs by requiring NOLs arising in 2018, 2019 or 2020 to first be carried back five years, unless the taxpayer elects to instead carry the NOLs forward. It suspends the 80% taxable income limit for NOLs in 2018 to 2020.