How Many Taxpayers Fall Into Each Income Tax Bracket?

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Every new year as Spring approaches, everyone has one thing on their mind – taxes. As the new year begins tax season approaches and all those who file attempt to estimate what they will make back. However, for the 2016 the tax brackets have been adjusted for inflation. Here is a breakdown of where people fall within the brackets and what it means.

• Over 36 million households do not fall into any tax bracket. This occurs when a household’s income is less than the value of the deductions and personal exemptions it is able to claim.
• 42 million American households fall into the 15% bracket (this is the most common tax bracket). On average, households in this bracket pay 6.5% of their income in income taxes
• 27 million American households fall into the 10% tax bracket
• 24 million American households fall into the 25% tax bracket
• 892,420 American households fall into the top income tax bracket. These households face an average tax rate of 28.5% higher than households in any other bracket