How many will pay? | Arkansas Blog

Thursday, September 9, 2010

How many will pay?

Posted By on Thu, Sep 9, 2010 at 6:54 AM

Somebody wondered what the impact of raising taxes on the wealthy (those with taxable income of more than $250,000 a year) would be in Arkansas. Here's a partial answer from the most recent IRS statistics for Arkansas, from 2008.

In tax year 2008, Arkansans filed 1,223,637 individual tax returns. Of those, 21,077 reported adjusted gross income of more than $200,000. Almost 900,000 taxpayers returns had adjusted gross income of less than $50,000. Republicans are counting on the poor folks to come through for the 1 percenters.

IMPORTANT CORRECTION: I erroneously said originally that the chart represented taxable income. It represents adjusted gross income, a figure before deductions and allowances for dependents and the like. So the number in Arkansas with TAXABLE income of more than $250,000 is certainly far, far fewer than the 21,077 returns reporting GROSS income of $200,000 for tax year 2008.

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