1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0334
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Policy
Distribution of Federal Tax Change by Cash Income Percentile, 2013 1
Summary Table
Pct of Tax Units (%)
2,3
Cash Income Percentile
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
All Tax Units (thousands)
With Gains or Qualified Dividends
Pay Tax on Gains or Qualified Dividends
Average Gains and Dividends for 4
Recepients ($)
Average Tax Paid on Gains and Dividends by Those Paying Tax5 ($)
Share of Total Federal Tax on Gains and Dividends
Average Federal Tax Rate of Those Paying Tax on Long‐Term Gains and Dividends5
On Gains and 6
Dividends
On All Income
7
43,362
37,681
32,699
27,208
24,067
166,272
3.6
8.1
13.2
23.9
50.1
16.8
0.1
0.9
6.2
13.6
46.0
10.3
1,390
1,839
2,886
4,595
50,310
23,739
507
98
229
528
8,387
5,541
0.0
0.0
0.5
2.1
97.4
100.0
15.2
6.2
8.1
9.1
15.7
15.4
19.9
8.2
13.1
18.4
27.7
26.7
12,130
5,919
4,805
1,213
124
37.7
51.8
69.9
87.8
95.2
32.3
48.9
67.3
84.4
91.7
6,966
11,993
31,160
407,095
2,420,483
754
1,508
4,922
67,952
406,199
3.1
4.6
16.7
73.0
48.6
10.8
12.9
15.7
16.2
16.3
21.6
23.2
25.8
32.0
35.0
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current policy with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current policy. 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. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equal number of people, not tax units. The breaks are (in 2011 dollars): 20% $17,909 40% $37,090; 60% $64,531; 80% $111,344; 90% $160,377; 95% $227,314; 99% $592,985; 99.9% $2,682,143.
(4) Average among tax units with long‐term positive gains and qualified dividends.
(5) Average among tax units with positive tax paid on long‐term positive gains and qualified dividends.
(6) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(7) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. 1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0334
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Policy
1
Distribution of Federal Tax Change by Cash Income Percentile, 2013 Detail Table
Cash Income Percentile 2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax Rate
Average Tax
Average Gains On Gains and On All Income or Dividend
On Gains and On All Income 5 ($)
($)
Dividends ($)
Dividends 4 (%)
(%)
Percent Change in After‐Tax Income 4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
47
337
2,027
3,713
11,064
17,201
0.1
0.9
6.2
13.6
46.0
10.3
13,258
31,905
54,113
88,334
375,075
267,345
3,325
1,565
2,817
5,773
53,456
36,019
507
98
229
528
8,387
5,541
2,635
2,622
7,100
16,265
104,014
71,321
15.2
6.2
8.1
9.1
15.7
15.4
19.9
8.2
13.1
18.4
27.7
26.7
‐4.6
‐0.3
‐0.5
‐0.7
‐3.0
‐2.7
0.0
0.0
0.5
2.1
97.4
100.0
0.0
0.1
1.2
4.9
93.8
100.0
3,913
2,895
3,232
1,024
114
32.3
48.9
67.3
84.4
91.7
138,675
195,380
347,324
1,874,341
8,140,375
7,000
11,730
31,312
418,899
2,495,171
754
1,508
4,922
67,952
406,199
29,954
45,343
89,481
317,247
2,845,953
10.8
12.9
15.7
16.2
16.3
21.6
23.2
25.8
32.0
35.0
‐0.7
‐1.0
‐1.9
‐5.1
‐7.1
3.1
4.6
16.7
73.0
48.6
9.6
10.7
23.6
50.0
26.5
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
1
by Cash Income Percentile, 2013 Tax Units With Net Long‐Term Capital Gains
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Losses
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
2,3
Average Dividend
Percent of Total
Percent of Total Units
43,362
37,681
32,699
27,208
24,067
166,272
26.1
22.7
19.7
16.4
14.5
100.0
0.8
1.9
5.2
10.4
24.0
6.9
2,867
2,813
3,674
6,169
81,530
43,790
0.9
1.8
3.3
6.4
17.9
5.1
‐7,426
‐7,093
‐6,688
‐7,135
‐13,145
‐10,475
3.3
7.5
11.5
21.1
45.5
15.0
850
1,291
1,662
2,168
12,432
6,417
3.6
8.1
13.2
23.9
50.1
16.8
1,390
1,839
2,886
4,595
50,310
23,739
12,130
5,919
4,805
1,213
124
7.3
3.6
2.9
0.7
0.1
16.9
25.1
34.1
49.9
65.8
9,401
16,785
44,611
584,706
2,942,579
12.0
17.8
29.0
34.6
29.1
‐7,049
‐8,117
‐12,910
‐47,686
‐209,944
33.9
46.1
64.4
82.4
90.4
3,059
4,341
10,230
79,924
405,464
37.7
51.8
69.9
87.8
95.2
6,966
11,993
31,160
407,095
2,420,483
Average Gains
Percent of Total Units
Average Loss
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current policy with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current policy. 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. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equal
number of people, not tax units. The breaks are (in 2011 dollars): 20% $17,909 40% $37,090; 60% $64,531; 80% $111,344; 90% $160,377; 95% $227,314; 99% $592,985; 99.9% $2,682,143.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0334
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Policy
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 1
Detail Table
Cash Income Percentile2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
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
4
($)
Dividends ($)
($)
(%)
Dividends (%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
39
182
943
3,238
12,788
17,201
0.1
0.5
2.9
10.6
41.7
10.3
14,247
31,401
47,897
79,193
335,558
267,345
3,045
1,822
2,144
3,959
47,231
36,019
704
300
103
288
7,364
5,541
1,678
2,408
4,555
12,506
92,378
71,321
23.1
16.4
4.8
7.3
15.6
15.4
11.8
7.7
9.5
15.8
27.5
26.7
‐5.3
‐1.0
‐0.2
‐0.4
‐2.9
‐2.7
0.0
0.1
0.1
1.0
98.8
100.0
0.0
0.0
0.4
3.3
96.3
100.0
4,285
3,452
3,841
1,211
135
27.8
44.8
63.1
82.6
91.4
123,378
171,745
305,841
1,647,750
7,160,679
5,528
9,732
26,099
368,759
2,186,792
559
1,168
3,980
59,843
355,875
26,083
39,588
78,269
522,247
2,495,040
10.1
12.0
15.3
16.2
16.3
21.1
23.1
25.6
31.7
34.8
‐0.6
‐0.9
‐1.7
‐5.0
‐7.1
2.5
4.2
16.0
76.0
50.5
9.1
11.1
24.5
51.5
27.5
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Percentile Adjusted for Family Size, 2013 1
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
36,065
34,713
33,034
30,538
30,666
166,272
21.7
20.9
19.9
18.4
18.4
100.0
0.7
1.4
3.8
8.4
22.1
6.9
3,006
3,149
3,521
4,836
70,489
43,790
1.0
1.2
3.0
5.3
15.7
5.1
‐7,887
‐7,191
‐6,848
‐6,468
‐12,659
‐10,475
2.8
5.5
10.8
17.9
41.6
15.0
907
1,021
1,285
1,657
11,221
6,417
3.1
6.1
12.2
20.2
46.0
16.8
1,521
1,632
2,232
3,476
44,077
23,739
15,414
7,701
6,085
1,466
148
9.3
4.6
3.7
0.9
0.1
14.6
23.6
32.7
49.5
65.2
7,719
12,830
36,224
503,419
2,585,770
9.9
16.0
26.0
33.4
29.3
‐7,073
‐7,487
‐12,131
‐44,749
‐192,819
29.8
43.0
60.4
80.1
89.3
718
1,778
5,349
73,014
326,984
33.3
47.8
66.0
86.1
94.5
5,538
10,059
26,027
357,732
2,128,728
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2)
* Insufficient data
(1) Calendar year. Baseline is current policy with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current policy. For a description of TPC's current law and current polic
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. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0334
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Policy
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 1
Detail Table ‐ Single Tax Units
Cash Income Percentile2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
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 Income5 ($)
Dividends ($)
($)
Dividends4 (%)
(%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
24
54
415
1,302
3,470
5,268
0.1
0.3
2.6
11.1
36.1
6.5
11,314
20,122
37,342
58,141
215,665
159,589
2,273
2,407
1,603
3,606
36,139
24,863
212
142
54
331
5,503
3,713
1,951
2,719
3,335
9,666
59,216
41,692
9.3
5.9
3.4
9.2
15.2
14.9
17.2
13.5
8.9
16.6
27.5
26.1
‐2.2
‐0.8
‐0.2
‐0.7
‐3.4
‐3.1
0.0
0.0
0.1
2.2
97.6
100.0
0.0
0.1
0.6
5.7
93.5
100.0
1,274
919
988
288
30
24.9
39.4
55.2
79.0
90.4
84,084
119,601
212,312
1,114,384
5,109,267
5,692
11,024
25,844
285,904
1,658,567
718
1,327
3,651
46,283
270,704
18,951
29,084
53,868
351,380
1,784,424
12.6
12.0
14.1
16.2
16.3
22.5
24.3
25.4
31.5
34.9
‐1.1
‐1.4
‐2.3
‐5.7
‐7.5
4.7
6.2
18.4
68.3
41.8
11.0
12.2
24.2
46.2
24.5
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Percentile Adjusted for Family Size, 2013 1
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
23,198
19,587
15,802
11,719
9,604
80,622
28.8
24.3
19.6
14.5
11.9
100.0
0.7
1.4
3.3
7.2
20.2
4.7
2,018
2,538
2,492
3,458
47,217
25,715
1.0
1.1
2.7
3.8
12.1
3.3
‐5,680
‐6,958
‐5,936
‐6,227
‐11,738
‐8,959
3.1
6.8
11.5
15.2
35.5
11.4
776
972
1,416
2,299
11,406
5,179
3.3
7.3
12.3
16.8
39.3
12.5
1,151
1,405
1,986
3,555
34,491
14,409
5,116
2,332
1,790
365
33
6.3
2.9
2.2
0.5
0.0
13.0
22.7
31.5
48.6
62.7
6,468
11,218
30,668
360,386
1,945,469
7.8
12.8
19.2
32.0
29.4
‐7,464
‐7,155
‐11,029
‐40,143
‐158,291
24.9
38.7
53.5
75.1
83.9
3,374
5,725
10,258
71,519
350,422
27.8
42.7
59.0
82.6
91.8
6,041
11,146
25,699
276,883
1,648,823
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2)
* Insufficient data
(1) Calendar year. Baseline is current policy with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current policy. For a description of TPC's current law and current polic
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. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0334
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Policy
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 1
Detail Table ‐ Married Tax Units Filing Jointly
Cash Income Percentile2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
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 Income5 ($)
Dividends ($)
($)
Dividends4 (%)
(%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
79
447
1,729
8,851
11,122
*
1.2
3.8
11.2
45.9
19.2
*
38,407
57,056
95,080
381,127
320,609
*
2,055
2,644
4,286
50,240
40,789
*
522
146
266
7,890
6,333
*
2,520
5,318
14,281
104,484
85,608
*
25.4
5.5
6.2
15.7
15.5
*
6.6
9.3
15.0
27.4
26.7
*
‐1.4
‐0.3
‐0.3
‐2.8
‐2.6
*
0.1
0.1
0.7
99.1
100.0
*
0.0
0.2
2.6
97.1
100.0
2,826
2,427
2,722
876
98
30.8
48.1
67.8
84.0
92.0
141,945
192,249
341,757
1,798,658
7,679,682
5,397
9,114
26,004
384,232
2,300,758
484
1,095
4,070
62,491
374,758
29,304
43,675
87,544
568,224
2,668,911
9.0
12.0
15.7
16.3
16.3
20.6
22.7
25.6
31.6
34.8
‐0.4
‐0.7
‐1.6
‐4.8
‐7.0
1.9
3.8
15.7
77.7
52.0
8.7
11.1
25.0
52.3
27.4
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Percentile Adjusted for Family Size, 2013 1
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
4,398
6,664
11,624
15,415
19,298
57,802
7.6
11.5
20.1
26.7
33.4
100.0
1.6
2.4
5.4
10.2
23.9
12.3
5,719
4,391
4,423
5,617
77,537
52,567
2.1
2.6
4.3
6.9
18.0
9.3
‐12,443
‐7,717
‐7,604
‐6,614
‐12,796
‐11,160
4.8
6.3
13.4
21.9
46.0
25.2
1,415
1,086
1,186
1,372
11,072
7,295
5.7
7.5
15.8
24.8
50.8
28.3
2,835
2,293
2,526
3,508
46,565
29,318
9,190
5,048
4,018
1,042
106
15.9
8.7
7.0
1.8
0.2
16.4
24.5
33.8
50.0
66.2
8,026
13,164
38,156
533,868
2,707,174
11.4
17.7
29.4
33.9
29.3
‐7,072
‐7,622
‐12,487
‐43,817
‐185,722
33.9
45.7
64.7
82.3
91.8
2,062
3,568
8,309
72,350
370,014
38.0
51.0
70.3
87.6
95.9
5,297
9,518
26,001
372,583
2,223,157
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2)
* Insufficient data
(1) Calendar year. Baseline is current policy with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current policy. For a description of TPC's current law and current polic
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. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0334
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Policy
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 1
Detail Table ‐ Head of Household Tax Units
Cash Income Percentile2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
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 Income5 ($)
Dividends ($)
($)
Dividends4 (%)
(%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
48
75
155
302
587
*
0.6
1.5
5.6
23.9
2.3
*
32,720
51,349
83,480
290,553
180,978
*
811
2,234
3,822
44,408
24,255
*
118
131
218
6,628
3,497
*
1,912
6,510
16,141
80,923
46,867
*
14.5
5.9
5.7
14.9
14.4
*
5.8
12.7
19.3
27.9
25.9
*
‐0.4
‐0.3
‐0.3
‐3.1
‐2.5
*
0.3
0.5
1.6
97.5
100.0
*
0.3
1.8
9.1
88.8
100.0
127
71
79
26
*
15.6
30.9
42.4
77.2
*
121,302
169,344
286,988
1,466,617
*
7,553
13,773
27,295
361,988
*
673
1,608
3,993
57,735
*
28,307
40,427
72,562
476,401
*
8.9
11.7
14.6
15.9
*
23.3
23.9
25.3
32.5
*
‐0.7
‐1.2
‐1.8
‐5.5
*
4.1
5.6
15.3
72.5
*
13.0
10.4
20.7
44.6
*
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Percentile Adjusted for Family Size, 2013 1
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
8,232
8,034
4,869
2,769
1,263
25,256
32.6
31.8
19.3
11.0
5.0
100.0
0.2
0.4
1.8
4.4
12.0
1.7
2,065
2,441
2,971
4,817
76,429
30,467
0.3
0.3
1.2
2.9
10.5
1.3
‐11,735
‐6,398
‐6,595
‐5,903
‐9,784
‐8,391
1.0
1.8
3.8
9.1
22.8
3.8
750
1,176
896
1,145
7,287
2,926
1.1
2.0
4.4
10.8
26.1
4.4
1,098
1,541
1,996
2,933
41,538
14,020
814
230
186
33
3
3.2
0.9
0.7
0.1
0.0
7.3
15.0
23.2
44.0
57.2
13,848
24,950
40,575
555,740
3,078,325
6.8
13.0
19.2
34.4
29.5
‐4,699
‐7,203
‐9,343
‐42,295
‐150,392
15.9
27.8
38.3
69.2
79.7
1,805
2,769
6,072
54,178
263,438
18.1
32.4
44.2
78.8
87.1
7,200
13,930
26,582
358,080
2,262,537
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2)
* Insufficient data
(1) Calendar year. Baseline is current policy with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current policy. For a description of TPC's current law and current polic
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. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0334
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Policy
1
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 Detail Table ‐ Tax Units with Children
Cash Income Percentile 2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
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 Income5 4
($)
($)
Dividends ($)
(%)
Dividends (%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
14
112
202
728
3,834
4,898
0.1
1.0
2.0
7.3
45.9
9.9
19,379
37,495
61,984
118,910
408,493
340,865
4,310
1,515
4,158
4,431
44,282
35,585
1,732
433
266
278
7,016
5,564
559
2,204
8,394
23,559
116,132
94,834
40.2
28.6
6.4
6.3
15.8
15.6
2.9
5.9
13.5
19.8
28.4
27.8
‐8.4
‐1.2
‐0.5
‐0.3
‐2.3
‐2.2
0.1
0.2
0.2
0.7
98.7
100.0
0.0
0.1
0.4
3.7
95.9
100.0
1,459
987
1,063
325
33
33.2
49.8
66.9
85.0
93.5
160,987
225,369
406,082
2,082,989
9,378,884
4,356
8,177
24,167
398,858
2,694,177
499
1,080
3,934
64,365
439,747
36,199
54,564
110,184
681,190
3,336,978
11.4
13.2
16.3
16.1
16.3
22.5
24.2
27.1
32.7
35.6
‐0.4
‐0.6
‐1.3
‐4.4
‐6.8
2.7
3.9
15.4
76.8
53.0
11.4
11.6
25.2
47.7
23.6
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
1
by Cash Income Percentile Adjusted for Family Size, 2013 Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
10,088
10,789
10,009
9,950
8,349
49,418
20.4
21.8
20.3
20.1
16.9
100.0
0.5
0.9
3.4
7.6
21.4
6.2
5,002
4,358
4,641
5,515
81,557
50,178
0.6
0.9
2.5
5.7
19.2
5.3
‐13,036
‐6,936
‐7,464
‐6,637
‐12,396
‐10,815
1.2
2.2
7.9
17.3
44.4
13.4
866
745
806
1,045
7,748
4,782
1.5
2.7
9.3
19.4
48.9
15.1
2,393
2,043
2,403
3,078
42,696
24,859
4,396
1,981
1,589
382
35
8.9
4.0
3.2
0.8
0.1
14.2
24.9
30.8
45.9
64.7
9,000
13,523
41,577
643,759
3,459,811
12.4
20.9
31.1
37.9
29.7
‐6,270
‐7,786
‐13,011
‐46,604
‐240,237
33.1
46.8
63.7
81.5
89.5
1,239
2,391
6,211
59,075
334,593
36.6
52.9
68.8
87.0
94.6
4,625
8,477
24,400
394,762
2,682,330
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
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 policy with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current policy. 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. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains and qualifed dividends as a percentage of positive long‐term gains and qualified dividends.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0334
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Policy
1
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 Detail Table ‐ Elderly Tax Units
Cash Income Percentile 2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
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 Income5 ($)
Dividends ($)
($)
Dividends4 (%)
(%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
14
594
1,858
4,122
6,589
*
0.1
7.1
29.0
59.6
17.8
*
26,118
46,119
69,616
289,037
204,692
*
2,380
1,345
3,962
57,344
37,122
*
539
70
341
8,745
5,575
*
2,494
2,822
7,831
72,956
48,115
*
22.7
5.2
8.6
15.3
15.0
*
9.5
6.1
11.2
25.2
23.5
*
‐2.2
‐0.2
‐0.5
‐3.9
‐3.4
*
0.0
0.1
1.7
98.1
100.0
*
0.0
0.5
4.6
94.9
100.0
1,485
1,103
1,159
374
42
46.8
62.9
74.5
87.6
96.2
107,221
153,161
273,016
1,460,712
6,359,400
7,985
15,510
41,610
425,271
2,256,175
775
1,807
6,125
68,942
362,682
17,591
29,552
62,959
451,574
2,166,463
9.7
11.6
14.7
16.2
16.1
16.4
19.3
23.1
30.9
34.1
‐0.9
‐1.4
‐2.8
‐6.4
‐8.0
3.1
5.4
19.3
70.2
41.6
8.2
10.3
23.0
53.3
28.8
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
1
by Cash Income Percentile Adjusted for Family Size, 2013 Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
5,988
9,396
8,334
6,402
6,913
37,068
16.2
25.3
22.5
17.3
18.6
100.0
0.1
1.3
6.6
17.9
35.9
11.7
4,063
2,126
2,429
4,756
68,059
40,838
0.5
1.3
5.8
10.8
21.3
7.6
‐7,573
‐5,136
‐6,208
‐6,226
‐14,014
‐10,387
2.7
10.8
22.7
35.1
60.0
25.5
774
1,074
1,529
2,362
18,021
8,891
2.8
11.4
24.6
39.6
66.0
28.1
955
1,265
2,061
4,241
53,436
25,055
3,175
1,753
1,557
427
44
8.6
4.7
4.2
1.2
0.1
28.0
36.9
44.7
58.8
72.4
8,516
15,868
44,965
476,451
2,326,344
16.1
22.9
27.8
29.1
24.3
‐8,622
‐7,841
‐14,761
‐53,468
‐277,308
50.2
61.3
71.8
83.7
91.8
4,276
8,104
16,811
112,818
540,641
56.3
66.7
78.1
90.4
96.8
8,046
16,215
41,191
414,583
2,252,404
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
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 policy with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current policy. 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. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(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).