Top 400 Individual Returns

The IRS released statistics from the "Top 400 Individual Tax Returns" for 15 years (1992-2006). The Top 400 is a changing group of taxpayers, as most taxpayers are not in the Top 400 more than once or twice. Averages of the Top 400 returns for 2006 were:

• Adjusted Gross Income = $263 million
• Total Itemized Deductions = $41 million
• Taxable Income = $222 million
• Income Tax = $45 million

In 2006, individuals in the Top 400:

• Represented 0.0003% of all individual returns filed
• Reported 1.59% of all taxable income
• Paid 1.77% of all income tax

The complete report is available at http://www.irs.gov/taxstats/article/0,,id=203102,00.html.