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US average federal tax rate hits new low

US average federal tax rate hits new low

11 July 2012 13:43 (UTC +04:00)

Baku â€“ APA-Economics. The average federal tax rate in the US dropped to 17.4 per cent in 2009, its lowest level in at least three decades, as the recession pummelled the income of many American households, according to the Congressional Budget Office, APA reports.

The average federal tax rate was 22 per cent in 1979 when the CBO series began and rose to a peak of 22.7 per cent in 2000, before declining to 19.9 per cent in 2007 and taking a large dip during the recession to 17.4 per cent during Mr Obamaâ€™s first year in office.

Between 2007 and 2009, amid the worst of the financial crisis, average household income took a dive, from $101,000 to $88,400. In 2009, the lowest quintile of American households paid an average tax rate of 1 per cent, while the middle quintile paid 11.1 per cent. The top quintile paid 23.2 per cent, and the top 1 per cent of households paid 28.9 per cent.

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