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.
"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.
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