The wealthiest households in Pennsylvania are carrying over a third of the state’s personal income tax burden, according to a new study.
The top 1% now pay 35.09% of all personal income taxes collected in the Keystone State, the study by finance company SmartAsset found, which examined the latest IRS data from tax year 2022.
In Pennsylvania, roughly 58,541 households make up the top 1% of earners, with an average annual income of $1,728,864. Together, they account for 18.42% of the state’s total earned income.
Collectively, they pay more than $26.1 billion in taxes, according to SmartAsset.
The Pittsburgh Business Times reported that $605,333 is the minimum a household has to make in order to be considered a part of the 1% in Pennsylvania, according to the latest earnings data.
Pennsylvania ranks 30th highest in the U.S. in terms of the percentage of income taxes paid by the top 1%. Wyoming ranks first at 54.67%, while Alaska comes in 50th at 26.37%.
Nationally, the top 1% of earners take in an average of 19.5% of all income and pay 37% of total income taxes, according to SmartAsset.
