Sep 30, 2024
KANSAS (KSNT) - SmartAsset, a financial technology company, published a report last month outlining what the top 1% of earners pay in taxes for each state. 27 News looked into their findings for the Sunflower State. SmartAsset used IRS tax return data to determine what the top 1% of earners pay in each state. According to SmartAsset, the top 1% of earners pay 45% of total personal income taxes collected in the nation and typically pay much more in taxes than other Americans. The report found the top 1% paid $993.7 billion over one year. In Kansas, the top 1% paid $6 million in tax. The effective tax rate on 1% earners in Kansas is 25.02%. Kansas ranked 31st in the nation for tax collected on 1% earners. These top earners paid 41.27% of all income tax collected. Verizon outage causes thousands to lose service nationwide Monday "The top 1% doesn’t pay the same amount everywhere," SmartAsset wrote. "Therefore, some states may be more dependent on this group than others for tax revenue." Back in July, GoBankingRates published a study to determine what it takes to be in the 1% threshold for all states. The study found that in Kansas, you must earn $674,225 to be considered in the top 1%. To read the full SmartAsset report, click here. For more local news, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here. 
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