Top 1% Income Share and Top MTR
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1 Source: IRS, Statistics of Income Division, Historical Table 23
2 Top 1% Income Share and Top MTR Top 1% Income Shares (%) Top 1% (excluding Capital Gains) Top MTR Marginal Tax Rates (%) Year
3 10 Top MTR ordinary income vs. capital gains Top MTR (Federal Individual Income Tax) Top MTR Top MTR (capital gains) Source: Department of the Treasury, Office of Tax Analysis
4 Top 0.1% Pre- Tax Income Share and Composi:on 12% 1 8% Capital Gains Capital Income Business Income Salaries 6% 4% 2% Source: Piketty and Saez, 2003 updated to Series based on pre-tax cash market income including or excluding realized capital gains, and always excluding government transfers
5 Source: Goolsbee (2000), p. 365
6 3.5% The Top 0.01% Income Share, Composition, and MTR 9 Top 0.01% share and composition % % % Wages Partnership Dividends Other S-Corp. Sole Prop. Interest MTR Marginal Tax Rate for the top 0.01% Source: Saez et al. (2010)
7 Elasticity=.07 (.15) Top 1% Income Share (%) Top Marginal Tax Rate (%) A. Top 1% Share and Top Marginal Tax Rate in Source: Piketty, Saez & Stantcheva (2011)
8 Elasticity= 1.90 (.43) Top 1% Income Share (%) Top Marginal Tax Rate (%) B. Top 1% Share and Top Marginal Tax Rate in Source: Piketty, Saez & Stantcheva (2011)
9 Elasticity=.47 (.11) Change in Top 1% Income Share (points) Change in Top Marginal Tax Rate (points) Change in Top Tax Rate and Top 1% Share, to Source: Piketty, Saez & Stantcheva (2011)
10 Tax Avoidance: Top 1% Income Shares and Top MTR Top 1% Income Shares (%) Top 1% Share Top 1% (excl. KG) Top MTR MTR K gains Marginal Tax Rates (%) Year
11 Top 1% and Bottom 99% Income Growth Real Income per adult (1913=100) Top 1% Bottom 99% Top MTR Marginal Tax Rate (%) Year
12 GDP per capita real annual growth (%) Change in Top Marginal Tax Rate (points) A. Growth and Change in Top Marginal Tax Rate Change in Top Tax Rate and GDP per capita growth since 1960
13 GDP per capita real annual growth (%) Change in Top Marginal Tax Rate (points) B. Growth (adjusted for initial 1960 GDP) Change in Top Tax Rate and GDP per capita growth since 1960
14 A. Average CEO compensation CEO pay($ million, log scale) United States United Kingdom Belgium Top Income Marginal Tax Rate Link between top tax rate and CEO pay in 2006 across countries
15 B. Average CEO compensation with controls CEO pay($ million, log scale) with controls United States United Kingdom Belgium Top Income Marginal Tax Rate Controlling for firm profitability, governance, size, and industry
16 Figure 3: Total number of foreigners in different income groups # of foreigners Control 1 Control 2 Treatment Control 1= annualized income between.8 and.9 of threshold Control 2= annualized income between.9 and.995 of threshold. Source: Kleven, Henrik Jacobsen, et al (2013)
17 Top 1% pre-tax income share and top tax rates 25% Top 1% Income Share 15% 1 5% 1962 Top 1% income share Top MTR (right scale) K gains top MTR Source: Top 1% income share: Piketty and Saez, 2003 updated to 2015, series including realized capital gains. Top MTR include Federal individual tax + uncapped FICA payroll tax Top Marginal Tax Rate
18 Top 0.1% Income Share and Composi7on 12% 1 8% Realized capital gains 6% Income excluding capital gains 4% 2% Source: Piketty and Saez, 2003 updated to Series based on pre-tax cash market income including realized capital gains, and always excluding government transfers.
19 9% 8% 7% 6% 5% Top 0.1% Income Share and Composi7on (excl. K gains) Dividends Other capital income Business income Salaries 4% 3% 2% 1% Source: Piketty and Saez, 2003 updated to Series based on pre-tax cash market income ex cluding realized capital gains, and always excluding government transfers.
20 Charitable giving of top 1% to mean income Charitable Giving of Top 1% Income Earners Mean charitable giving of top 1% divided by mean income [left y-axis] Source: The figure depicts average charitable giving of top 1% incomes (normalized by average income per family) on the left y-axis Source: Saez TPE 2017
21 Charitable giving of top 1% to mean income Charitable Giving of Top 1% Income Earners Mean charitable giving of top 1% divided by mean income [left y-axis] Top 1% Income Share [right y-axis] Source: The figure depicts average charitable giving of top 1% incomes (normalized by average income per family) on the left y-axis. For comparison, the figure reports the top 1% income share (on the right y-axis) % 2 15% 1 5% Top 1% income share Source: Saez TPE 2017
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