How much do the top 1% pay in taxes in Kansas and Missouri? What new data says
It’s tax season in the United States, and you have until Tuesday, April 15, to file your tax returns with the IRS.
While tens of millions of Americans may owe little or no federal income tax, according to a 2023 report from Pew Research Center, millions of others will have to pay taxes when they submit their forms.
This includes the top 1% of earners in the country. New data revealed from personal finance website GOBankingRates says the super wealthy pay anywhere from a few billion to more than $100 billion in taxes.
The personal finance website analyzed IRS individual tax returns by state to find out how much the top 1% pay in taxes. In their methodology, they say they also used data from the U.S. Census American Community Survey, Missouri Economic Research and Information Center, Bureau of Labor Statistics Zillow’s home value index and Federal Reserve Economic Data.
The total income tax for the 1% is more than $50 billion in four states, according to GOBankingRates. These states are California ($122 billion), Florida ($96 billion), Texas ($81 billion) and New York ($79 billion).
How much do the top 1% of earners in Missouri pay in taxes? What about Kansas? Here’s what the data shows.
The top 1% in Missouri and Kansas pay how much?
A lot, if you couldn’t tell. Missouri ranked 21st on GOBankingRates list, while Kansas ranked 25th. Personal finance website SmartAsset reports that the top 1% in Missouri begins at a salary of $590,001, and in Kansas, the top 1% begins at $651,226
Here are the rates for how much each state’s top 1% pays.
Missouri
In Missouri, the top 1% filed nearly 27,000 returns and provided 37.2% of the state’s total income tax. These super wealthy tax filers had an average tax rate of 25.4%, yielding a total income tax of about $10.5 billion.
Kansas
The total income tax the 1% paid in Kansas was $5.1 billion, and 12,500 returns were filed. The average tax rate for the super wealthy is also 25.4% and they provided 35.8% of the state’s total income tax.
The state where the top 1% pays the highest share of taxes is Wyoming. The top 1% pay 54.7% of all federal income taxes in the state, which is a total of around $2.5 billion. Florida, Nevada, New York and Texas round out the top five.
