1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0325
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax by Cash Income Level, 2011 1
Summary Table
Pct of Tax Units (%)
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
All Tax Units (thousands)
24,457
28,266
20,763
17,188
13,691
19,752
13,684
18,322
5,366
907
433
163,869
With Gains or Qualified Dividends
3.3
4.5
8.1
10.0
11.8
18.7
25.5
40.8
68.4
83.5
90.1
16.4
Pay Tax on Gains or Qualified Dividends
*
0.2
0.6
2.3
3.8
10.7
13.9
34.1
65.5
79.0
87.8
9.8
Average Gains and Dividends for 4
Recipients ($)
1,577
1,432
1,888
2,039
2,359
2,746
3,591
6,864
23,495
76,303
815,505
20,652
Average Tax Paid on Gains and Dividends by Those Paying Tax5 ($)
*
256
128
80
179
278
457
843
3,744
12,551
116,702
4,590
Share of Total Federal Tax on Gains and Dividends
*
0.0
0.0
0.0
0.1
0.8
1.2
7.2
17.9
12.2
60.4
100.0
Average Federal Tax Rate of Those Paying Tax on Long‐Term Gains and Dividends5
On Gains and 6
Dividends
*
10.3
6.9
5.2
7.7
9.4
10.1
11.8
16.0
16.1
14.2
14.3
On All Income
7
*
8.9
7.1
7.3
9.2
13.2
16.2
19.9
23.3
25.3
29.1
23.6
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of
TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) Average among tax units with long‐term positive gains and qualified dividends.
(5) Average among tax units with positive tax paid on long‐term positive gains and qualified dividends.
(6) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(7) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. 1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0325
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax by Cash Income Level, 2011 1
Detail Table
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Number (thousands)
Pct of All Units (%)
*
70
132
397
519
2,110
1,901
6,242
3,515
717
380
15,997
*
0.2
0.6
2.3
3.8
10.7
13.9
34.1
65.5
79.0
87.8
9.8
Average Income ($)
*
15,923
25,308
35,855
45,477
63,422
85,923
150,912
302,552
691,280
3,041,398
249,803
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income 5 4
($)
Dividends ($)
($)
Dividends (%)
(%)
*
2,481
1,868
1,545
2,333
2,959
4,536
7,142
23,327
78,041
823,348
32,067
*
256
128
80
179
278
457
843
3,744
12,551
116,702
4,590
*
1,419
1,806
2,627
4,189
8,358
13,921
30,039
70,513
175,114
884,846
59,072
*
10.3
6.9
5.2
7.7
9.4
10.1
11.8
16.0
16.1
14.2
14.3
*
8.9
7.1
7.3
9.2
13.2
16.2
19.9
23.3
25.3
29.1
23.6
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
‐1.7
‐0.5
‐0.2
‐0.4
‐0.5
‐0.6
‐0.7
‐1.6
‐2.4
‐5.1
‐2.3
*
0.0
0.0
0.0
0.1
0.8
1.2
7.2
17.9
12.2
60.4
100.0
*
0.0
0.0
0.1
0.2
1.9
2.8
19.8
26.2
13.3
35.6
100.0
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Level, 2011 1
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units With Net Long‐Term Capital Gains
Tax Units 3
Number (thousands)
24,457
28,266
20,763
17,188
13,691
19,752
13,684
18,322
5,366
907
433
163,869
Percent of Total
Percent of Total Units
14.9
17.2
12.7
10.5
8.4
12.1
8.4
11.2
3.3
0.6
0.3
100.0
0.5
0.6
1.5
2.2
3.7
5.2
8.9
16.2
30.7
41.1
53.3
5.5
Average Gains
5,455
3,846
3,327
2,891
3,069
3,924
4,448
9,127
34,669
112,768
1,137,287
45,036
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
1.3
1.4
3.0
4.5
4.5
8.6
11.4
17.9
31.9
38.6
35.1
7.1
Average Loss
‐7,438
‐7,321
‐6,817
‐5,972
‐7,829
‐6,484
‐7,152
‐7,911
‐13,174
‐25,142
‐92,362
‐10,010
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
Percent of Total Units
Percent of Total Units
Average Gains or Dividend
3.3
4.5
8.1
10.0
11.8
18.7
25.5
40.8
68.4
83.5
90.1
16.4
1,577
1,432
1,888
2,039
2,359
2,746
3,591
6,864
23,495
76,303
815,505
20,652
3.1
4.3
7.7
9.3
10.4
17.2
23.3
37.5
63.5
78.6
84.8
15.1
Average Dividend
846
950
1,330
1,496
1,578
1,799
2,239
3,508
8,573
22,103
151,038
5,945
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy baselines,
see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0325
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax by Cash Income Level, 2011 1
Detail Table ‐ Single Tax Units
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Number (thousands)
Pct of All Units (%)
*
58
92
315
318
1,183
874
1,082
482
89
48
4,548
*
0.3
0.8
3.5
5.3
16.8
29.1
42.4
71.1
75.8
88.0
5.7
Average Income ($)
*
15,468
25,229
36,039
45,368
62,996
84,962
138,999
298,525
690,503
3,108,844
149,996
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income 5 4
($)
Dividends ($)
($)
Dividends (%)
(%)
*
1,855
2,144
1,697
2,647
3,363
5,063
11,024
41,153
129,469
1,005,284
22,342
*
114
52
55
175
357
702
1,458
6,470
19,406
140,995
3,144
*
1,393
2,697
2,758
4,687
10,567
17,516
30,356
71,211
173,395
920,740
34,561
*
6.1
2.4
3.3
6.6
10.6
13.9
13.2
15.7
15.0
14.0
14.1
*
9.0
10.7
7.7
10.3
16.8
20.6
21.8
23.9
25.1
29.6
23.0
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
‐0.8
‐0.2
‐0.2
‐0.4
‐0.7
‐1.0
‐1.3
‐2.8
‐3.6
‐6.1
‐2.7
*
0.0
0.0
0.1
0.4
3.0
4.3
11.0
21.8
12.0
47.3
100.0
*
0.1
0.2
0.6
0.9
8.0
9.7
20.9
21.8
9.8
28.1
100.0
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Level, 2011 1
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units With Net Long‐Term Capital Gains
Tax Units 3
Number (thousands)
19,360
19,808
12,116
8,974
5,964
7,023
2,998
2,554
679
117
54
80,235
Percent of Total
Percent of Total Units
24.1
24.7
15.1
11.2
7.4
8.8
3.7
3.2
0.8
0.1
0.1
100.0
0.4
0.7
1.9
2.9
4.7
5.7
11.8
20.2
38.6
46.4
57.9
3.3
Average Gains
2,565
2,959
3,130
2,264
2,533
3,731
4,990
11,855
50,300
149,404
1,244,908
27,899
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
1.2
1.3
3.6
5.5
4.6
9.9
14.8
21.3
31.9
34.8
32.4
4.8
Average Loss
‐6,001
‐5,710
‐6,936
‐4,884
‐6,509
‐6,708
‐7,618
‐10,082
‐13,799
‐31,611
‐101,704
‐8,338
Tax Units With Qualified Dividends
Percent of Total Units
3.2
4.9
10.6
12.4
11.9
20.5
30.2
42.8
66.8
76.1
82.7
11.0
Average Dividend
799
775
1,381
1,432
1,781
2,431
3,889
6,727
17,399
42,264
211,375
4,711
Tax Units With Long‐Term Gains or Qualified Dividends
Percent of Total Units
Average Gains or Dividend
3.3
5.1
11.0
13.1
13.2
21.6
32.4
46.1
73.8
82.9
90.1
11.7
1,084
1,133
1,857
1,854
2,508
3,292
5,437
11,462
42,071
122,337
994,236
12,206
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy baselines,
see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0325
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax by Cash Income Level, 2011 1
Detail Table ‐ Married Tax Units Filing Jointly
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Number (thousands)
Pct of All Units (%)
*
*
21
41
151
848
865
4,985
2,937
608
318
10,787
*
*
0.6
1.0
3.0
8.7
9.2
33.2
64.8
80.0
88.1
19.0
Average Income ($)
*
*
25,298
35,275
45,984
63,936
86,800
153,836
303,538
691,387
2,955,204
292,673
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income 5 4
($)
Dividends ($)
($)
Dividends (%)
(%)
*
*
1,321
1,223
1,877
2,448
4,135
6,323
19,755
70,166
766,261
35,438
*
*
451
234
225
176
248
708
3,204
11,532
109,156
5,111
*
*
447
1,858
3,005
5,102
9,798
29,920
70,439
175,070
854,910
69,334
*
*
34.1
19.1
12.0
7.2
6.0
11.2
16.2
16.4
14.2
14.4
*
*
1.8
5.3
6.5
8.0
11.3
19.4
23.2
25.3
28.9
23.7
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
*
‐1.8
‐0.7
‐0.5
‐0.3
‐0.3
‐0.6
‐1.4
‐2.2
‐4.9
‐2.2
*
*
0.0
0.0
0.1
0.3
0.4
6.4
17.1
12.7
63.0
100.0
*
*
0.0
0.0
0.1
0.6
1.1
19.9
27.7
14.2
36.4
100.0
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Level, 2011 1
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units With Net Long‐Term Capital Gains
Tax Units 3
Number (thousands)
1,469
2,703
3,378
3,963
4,983
9,785
9,374
15,014
4,529
760
361
56,662
Percent of Total
Percent of Total Units
2.6
4.8
6.0
7.0
8.8
17.3
16.5
26.5
8.0
1.3
0.6
100.0
1.8
1.2
2.1
2.5
3.8
5.6
8.3
15.9
29.5
40.4
52.7
10.6
Average Gains
13,801
6,939
4,239
4,568
4,045
4,229
4,304
8,421
30,736
105,665
1,078,256
51,387
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
4.3
3.2
3.7
5.7
5.7
8.8
10.9
17.5
32.0
39.3
35.7
12.8
Average Loss
‐10,742
‐12,110
‐6,999
‐8,576
‐9,312
‐6,445
‐7,099
‐7,541
‐13,048
‐22,858
‐84,756
‐10,875
Tax Units With Qualified Dividends
Percent of Total Units
6.8
5.7
6.3
9.7
12.6
17.7
22.4
37.2
63.3
79.4
85.6
26.0
Average Dividend
1,163
1,921
1,078
1,619
1,451
1,359
1,505
2,884
6,928
19,245
139,544
6,698
Tax Units With Long‐Term Gains or Qualified Dividends
Percent of Total Units
Average Gains or Dividend
7.8
6.2
7.1
10.9
14.3
19.7
24.7
40.5
67.8
83.9
90.3
28.5
4,169
3,128
2,220
2,498
2,343
2,417
2,818
5,948
19,846
69,111
760,559
25,250
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy baselines,
see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0325
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax by Cash Income Level, 2011 1
Detail Table ‐ Head of Household Tax Units
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Number (thousands)
Pct of All Units (%)
0
*
19
38
42
43
110
130
70
12
*
478
0.0
*
0.4
1.0
1.8
1.7
10.1
20.6
58.2
62.5
*
2.0
Average Income ($)
0
*
25,701
35,099
44,407
61,126
86,655
141,809
290,862
692,817
*
177,309
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income 5 4
($)
Dividends ($)
($)
Dividends (%)
(%)
0
*
1,144
622
1,248
2,731
3,323
5,659
37,615
68,002
*
23,142
0
*
130
122
66
164
154
642
5,696
9,776
*
3,152
0
*
‐984
2,310
4,324
7,626
15,926
30,638
67,666
178,157
*
41,162
0.0
*
11.4
19.6
5.3
6.0
4.6
11.3
15.1
14.4
*
13.6
0.0
*
‐3.8
6.6
9.7
12.5
18.4
21.6
23.3
25.7
*
23.2
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
0.0
*
‐0.5
‐0.4
‐0.2
‐0.3
‐0.2
‐0.6
‐2.5
‐1.9
*
‐2.3
0.0
*
0.2
0.3
0.2
0.5
1.1
5.6
26.4
8.0
*
100.0
0.0
*
‐0.1
0.4
0.9
1.7
8.9
20.3
24.1
11.2
*
100.0
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Level, 2011 1
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units With Net Long‐Term Capital Gains
Tax Units 3
Number (thousands)
3,465
5,465
4,876
3,748
2,382
2,528
1,092
633
120
20
9
24,414
Percent of Total
Percent of Total Units
14.2
22.4
20.0
15.4
9.8
10.4
4.5
2.6
0.5
0.1
0.0
100.0
0.1
0.1
0.4
0.6
1.1
2.3
5.4
9.4
25.4
33.5
49.8
1.2
Average Gains
3,408
7,918
2,288
2,199
2,156
2,787
3,056
10,952
62,877
106,684
1,257,987
32,202
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
0.4
0.5
0.8
0.8
2.0
4.0
5.6
13.3
31.1
38.8
33.4
1.9
Average Loss
‐17,021
‐7,729
‐5,681
‐6,151
‐6,301
‐6,226
‐5,114
‐5,591
‐13,794
‐31,891
‐93,321
‐8,308
Tax Units With Qualified Dividends
Percent of Total Units
0.9
1.2
1.7
2.3
3.0
6.3
11.4
22.3
53.3
68.5
75.7
3.5
Average Dividend
767
983
1,388
1,870
770
931
2,258
2,894
11,959
12,151
107,716
3,424
Tax Units With Long‐Term Gains or Qualified Dividends
Percent of Total Units
Average Gains or Dividend
0.9
1.3
1.8
2.5
3.7
6.9
13.1
24.1
60.0
74.6
83.3
3.9
1,047
1,529
1,796
2,246
1,284
1,772
3,225
6,963
37,234
59,068
849,548
13,203
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy baselines,
see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0325
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax by Cash Income Level, 2011 1
Detail Table ‐ Tax Units with Children
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Number (thousands)
Pct of All Units (%)
*
*
31
57
75
136
211
2,230
1,581
314
156
4,806
*
*
0.5
1.1
1.8
2.1
3.9
26.3
61.9
77.7
88.0
9.9
Average Income ($)
*
*
26,030
35,049
44,488
62,049
86,839
158,257
301,668
695,454
2,947,885
320,635
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains 5 On Gains and or Dividend
On Gains and On All Income On All Income
($)
Dividends ($)
($)
Dividends4 (%)
(%)
*
*
1,027
782
2,268
3,291
3,545
3,890
14,712
49,455
701,119
32,988
*
*
342
251
381
311
140
484
2,382
7,937
99,112
4,777
*
*
‐954
1,708
3,980
6,772
13,936
32,296
72,178
185,737
887,826
80,580
*
*
33.3
32.1
16.8
9.4
3.9
12.5
16.2
16.0
14.1
14.5
*
*
‐3.7
4.9
8.9
10.9
16.0
20.4
23.9
26.7
30.1
25.1
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
*
‐1.3
‐0.7
‐0.9
‐0.6
‐0.2
‐0.4
‐1.0
‐1.5
‐4.6
‐2.0
*
*
0.0
0.1
0.1
0.2
0.1
4.7
16.4
10.9
67.3
100.0
*
*
0.0
0.0
0.1
0.2
0.8
18.6
29.5
15.1
35.7
100.0
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Level, 2011 1
Cash Income Level (thousands of 2011 2,3
dollars) Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units 3
Number (thousands)
3,818
5,749
5,818
5,069
4,083
6,557
5,473
8,493
2,554
404
177
48,380
Percent of Total
7.9
11.9
12.0
10.5
8.4
13.6
11.3
17.6
5.3
0.8
0.4
100.0
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
0.4
0.3
0.5
0.8
1.7
2.9
4.9
12.4
27.0
35.2
50.5
5.4
Average Gains
13,253
6,942
2,804
3,126
3,638
3,631
4,207
6,998
25,368
87,719
1,073,156
52,282
1.2
1.0
1.0
1.6
2.8
5.1
7.2
15.1
30.6
43.2
37.5
7.1
Average Loss
‐14,800
‐11,247
‐6,863
‐7,818
‐8,617
‐6,364
‐7,469
‐6,543
‐12,086
‐22,971
‐83,488
‐10,827
Tax Units With Qualified Dividends
Percent of Total Units
1.5
1.3
1.7
2.8
4.4
9.2
14.6
31.6
59.5
77.5
84.3
13.7
Average Dividend
732
1,238
666
740
1,071
998
1,077
1,339
4,616
11,702
105,168
4,831
Tax Units With Long‐Term Gains or Qualified Dividends
Percent of Total Units
1.7
1.4
1.9
3.1
5.3
10.4
16.5
34.3
64.1
81.9
90.1
15.1
Average Gains or Dividend
3,610
2,721
1,379
1,455
2,057
1,890
2,192
3,769
14,987
48,702
699,663
23,209
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
Note: Tax units with children are those claiming an exemption for children at home or away from home.
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0325
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax by Cash Income Level, 2011 1
Detail Table ‐ Elderly Tax Units
Cash Income Level (thousands of 2011 dollars) 2,3
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Number (thousands)
Pct of All Units (%)
0
*
15
239
356
1,338
1,049
2,003
784
164
89
6,040
0.0
*
0.3
6.7
12.0
28.6
36.4
59.0
75.8
83.6
93.3
17.0
Average Income ($)
0
*
26,165
36,288
45,753
62,708
86,442
142,688
302,650
681,596
3,028,653
182,850
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains 5 On Gains and or Dividend
On Gains and On All Income On All Income
($)
Dividends ($)
($)
Dividends4 (%)
(%)
0
*
1,476
1,545
2,405
3,260
5,691
12,417
46,609
143,331
1,013,920
30,921
0
*
63
58
166
338
607
1,418
7,343
23,318
143,766
4,368
0
*
1,540
2,012
3,587
6,033
10,921
23,380
63,672
154,612
835,346
36,055
0.0
*
4.3
3.7
6.9
10.4
10.7
11.4
15.8
16.3
14.2
14.1
0.0
*
5.9
5.5
7.8
9.6
12.6
16.4
21.0
22.7
27.6
19.7
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
0.0
*
‐0.3
‐0.2
‐0.4
‐0.6
‐0.8
‐1.2
‐3.0
‐4.2
‐6.2
‐2.9
0.0
*
0.0
0.1
0.2
1.7
2.4
10.8
21.8
14.5
48.5
100.0
0.0
*
0.0
0.2
0.6
3.7
5.3
21.5
22.9
11.6
34.2
100.0
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Level, 2011 1
Cash Income Level (thousands of 2011 2,3
dollars) Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units 3
Number (thousands)
3,246
8,807
4,635
3,579
2,957
4,677
2,878
3,397
1,035
196
95
35,530
Percent of Total
9.1
24.8
13.0
10.1
8.3
13.2
8.1
9.6
2.9
0.6
0.3
100.0
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
0.1
0.4
2.4
5.3
7.7
11.0
19.8
28.0
42.8
51.2
65.9
9.0
Average Gains
22,206
2,516
1,771
2,086
2,653
3,660
4,310
12,246
51,375
160,758
1,097,024
39,029
0.7
0.8
4.1
9.1
9.2
16.5
21.6
28.9
32.9
34.1
28.2
10.4
Average Loss
‐10,433
‐5,946
‐6,580
‐6,446
‐7,077
‐6,657
‐8,426
‐9,476
‐17,489
‐28,390
‐142,971
‐10,226
Tax Units With Qualified Dividends
Percent of Total Units
2.7
7.4
18.5
23.4
23.2
34.9
46.7
60.6
74.6
82.0
89.3
25.9
Average Dividend
880
826
1,383
1,647
1,971
2,489
3,729
7,434
19,848
49,294
257,128
8,069
Tax Units With Long‐Term Gains or Qualified Dividends
Percent of Total Units
2.8
7.6
19.1
24.9
25.8
37.3
50.0
64.7
79.7
87.4
94.7
27.5
Average Gains or Dividend
1,346
936
1,566
2,002
2,569
3,410
5,185
12,270
46,194
140,468
1,005,769
20,420
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
Note: Elderly tax units are those with either head or spouse (if filing jointly) age 65 or older.
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).