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Federal and State Income Taxes on Retirement Income: How Much Will Retirees Owe?
Anqi Chen and Alicia H. Munnell, via SSRN 
Mar. 29, 2021 "[H]ouseholds in the aggregate will have to pay about 6 percent of their income in federal and state income taxes.... For the lowest four quintiles, taxes are negligible -- ranging from 0 percent to 1.9 percent. In contrast, the average liability is 11.3 percent for the top quintile, 16.4 percent for the top 5 percent, and 22.7 percent for the top 1 percent." |
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