About 80% of Americans are bothered that some wealthy people don't pay their fair share of taxes, according to Pew Research Center data.

In the US, the top 1% of earners contribute 45% of all personal income taxes collected nationwide. But not all states are created equal when it comes to income tax. Some states are more dependent on the 1% than others for tax revenue. SmartAsset recently examined IRS tax return data to determine exactly how much the top 1% of earners in each state paid in taxes. Find your state here.

Recent data from the Federal Reserve shows that the richest people in America own 93% of all the country's stock—the highest level ever recorded. Meanwhile, the bottom 50% of Americans held just 1% of all stocks.

Recent IRS data shows that between 2011-16, that number dropped even lower: The federal estate tax only impacts about 0.2% of Americans. Death taxes typically only impact the rich, and the federal estate tax is no exception.

One of the main purposes of the federal estate tax is to crack down on generational wealth, so wealth isn't concentrated among a select few. However, the ultra-rich have found ways around paying these taxes. This ProPublica article investigates the practices used by half of the 100 richest people in the US to avoid death taxes.

The system behind the US income tax isn't as straightforward as it looks. You earn money. Taxes get taken out. Case closed … right? Not exactly. In this episode of "1440 Explores," we break down how the US tax system actually works, from confusing deductions and misunderstood tax brackets to why the wealthiest Americans often end up paying a very different tax than everyone else.

Since 2022, fewer Americans report feeling worse off financially, moving from 35% in 2022 to 28% in 2025. Likewise, the number of Americans who reported feeling better about the economy is up 4% from 2022. More than 90% of Americans cite price increases as their biggest financial concern.

Some states in the US have higher taxes than others. Hawaii, for instance, has the highest total tax burden in the country at 13.9%, whereas Alaska has the lowest overall tax burden at 4.9%. New York has the highest individual income tax burden; and eight states have no individual income tax. See a map of the most-taxed US states here.

Corporate taxes, which make up roughly a third of the federal government's revenue, have been calculated using a flat 21% rate since the Tax Cuts & Jobs Act of 2017. The current rate is considered low both by historic standards (it averaged over 50% in the 1950s and 1960s) and compared to other countries.

This visualization breaks down the total net worth of all US households by wealth percentile, listing the number of households in each percentile. As you'll see in the graphic, the total net worth of all US households is close to $160T, and the richer half of the country owns roughly 98% of it. Check out the visual here.

From July 1 to July 7, 2024, Pew Research Center conducted a survey of 9,424 adults to gauge the public's attitudes about the federal government, including government agencies and departments. Of 13 agencies, 10 had net favorable ratings of 15 percentage points or more. Topping the list were the National Park Service (76% favorable), the US Postal Service (72%) and NASA (67%).

Since the modern federal estate tax was implemented, people have felt strongly about whether or not to keep it. Much of the debate boils down to equality: Proponents say the tax creates better income equality between the rich and poor, while opponents say it's an inequitable tax only placed on the wealthy.

That adds up to close to $1T in what's known as the "tax gap." Read a breakdown on the main drivers of tax evasion (distinct from legal tax avoidance) in the US.

Today, someone's financial standing has more to do with their families than any other outside factor. Of the more than $100T of projected inheritance, that money is concentrated among a few wealthy estates and families.

For many, filing taxes can be complicated and overwhelming. Some argue that the tax system obscures certain aspects of the US tax code, making it difficult for taxpayers to accurately assess potential reforms.

Hundreds of billionaires and millionaires have signed a letter called “Proud to Pay More,” in which they ask world leaders to tax the wealthiest individuals more than they currently do. The group, which includes Disney heir Abigail Disney and Valerie Rockefeller, re-upped their call at the World Economic Forum in Davos this year. Learn about the “Proud to Pay More” letter in this article.

About 50 percent of federal revenue comes from individual income taxes, 7 percent from corporate income taxes, and another 36 percent from payroll taxes that fund social insurance programs. See breakdown in charts here.

The US government historically makes nearly half of its total revenue last year from individual income taxes. But the US makes also makes money from a variety of other sources, including Medicare taxes and corporate income taxes. However, the federal government has run a deficit since 2001—reaching a peak of $3.13T in 2020.

The concept of taxing unrealized capital gains—when an asset’s value increases but has yet to be sold—has been increasingly debated. Other policymakers in recent years have supported lowering the highest long-term capital gains tax rate and are generally opposed to levying taxes on unrealized capital gains.

Seven in 10 Americans dine out at least once a month, but only 28% of diners think menu prices are fair, a 2025 YouGov survey found. That changes only slightly by income, with 44% of higher-income Americans finding the prices fair.

The term "tax burden" in this case refers to property, income, sales, and excise taxes as a share of total personal income. Alaska and New Hampshire have the lowest total tax burdens in the US, both falling below 6%.

In 2017, the federal government passed a tax bill that raised the estate tax threshold for individuals and married couples. However, this exemption was temporary and is set to expire at the end of 2025. This Bloomberg Tax podcast episode explains what wealthy individuals are doing to protect their estates before the tax change. Listen here.

Americans spend more than 7.9 billion hours per year doing their taxes: It's notoriously time-consuming, requiring forms, deductions, and often third-party help. But here's the twist: The IRS already has much of the data it asks you to report. Americans still have to do the work themselves partly due to big tax prep companies that lobby to keep the status quo.

In the United States, asking someone how much money they make (or any questions about money, really) has long been considered rude. But where did this social norm come from originally? And why do Americans still feel so awkward talking about money? This article from The Atlantic takes a deep dive into the socioeconomic forces that created the money taboo. Read the full piece here.

A tax deductible is an expense that a taxpayer or business can subtract from adjusted gross income, reducing their taxable income and therefore reducing the amount of taxes owed. Governments often use tax deductibles as a way to reward people who do things that are considered beneficial to society, like charitable donations.

In 2025, about half of Americans were able to file taxes directly with the IRS for free. It was the second year of the agency's new program, which cuts out intermediaries. Though tax preparation has been free for many Americans, critics say tax companies upsell customers.

To understand what you would owe on short-term capital gains and to visualize the favorability of long-term tax rates, you need to know how your traditional income is taxed at the federal level. A breakdown explores the different brackets for 2024, separated by filing status.

The US has more billionaires than any other country, and they are a mix of media moguls, entrepreneurs, and entertainers. This list ranks the 10 richest Americans by their popularity. The oracle of Omaha, Warren Buffett, ranks highest in favorability at 52%, while Google cofounder Sergey Brin ranks lowest—likely because 72% of respondents didn't recognize his name.

When looking at countries with the highest average wealth per person, the United States comes in at number three (with $564,862 per person). But the US doesn't even make the top 10 when looking at the median wealth per person rather than the average, which is perhaps a more accurate version of the data. Explore the numbers here.

A third of US billionaires inherited much or all of their enormous fortunes. It can be tough to determine the exact net worth of billionaires given that much of their money is often tied up in company stocks, which fluctuate significantly in a given week.

In a recent Pew Research Center survey of US adults, 79% said Social Security benefits shouldn’t be reduced in any way. This view is broadly shared across ages, races, political affiliations, and income brackets.

That's according to 2024 data from the Federal Reserve. In 1848, just 50 households had achieved a net worth of at least $1M (roughly $40M in today's dollars). Millionaires have become significantly more common due to a multitude of factors, such as price increases in securities, inflation, and rising home values.

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

The Internal Revenue Service has audited less than 1% of all individual tax returns. If you're still worried about being audited, know that some people are more likely to be audited than others, such as people who make a lot of money and those who take large charitable deductions.

In 2022, roughly 52% of US adults lived in middle-income households. This income calculator can help you determine whether or not you're one of them. Specifically, the calculator lets you enter your household income, location, and more to see where you line up in Pew's government data.

In 2024, a single filer making anywhere between $200,001 and $243,725 per year would pay a 15% tax on long-term capital gains. But when it comes to short-term capital gains, they’d be taxed at the same rate as their regular income, which, in their case, is 32%.