Incomes and Federal, State & Local Taxes in 2020: Pre-TCJA Law vs. Current Law
Notes: a. Includes all federal, state & local taxes (personal and corp. income, payroll, property, sales, excise, estate). b. For calculations of income shares and taxes as a % of income, income includes employer-paid FICA taxes and corporate profits (net of taxable dividends and gains on corporate stock sales), neither of which is included in the average cash income figures. c. Due to rounding, percentages may not always add up to 100%.
Source:Institute on Taxation and Economic Policy (ITEP) Tax Model, July 2020