How much does the average American make in a lifetime? The answer varies by industry, education level, gender and location. The typical lifetime gross income range for American males is $1.13 million to $3.05 million, and $510,000 to $1.86 million for women, according to Social Security Administration data.
Individual income taxes accounted for more than half of total revenues for the federal government in 2022. The US collected $5.03 trillion in federal revenues in 2022, up $630 billion from the previous year, after adjusting for inflation. That equates to $15,098 collected per person, up 14% from 2021.
The average American will pay $532,910 in taxes throughout their lifetime. That’s a third (33.23%) of all estimated lifetime earnings ($1,571,244) spent on taxes.
A billion dollars is equal to one million dollars times 1,000.
Here’s what we know: Since 2020, the richest 1 percent have captured almost two-thirds of all new wealth. According to a 2021 White House study, the wealthiest 400 billionaire families in the US paid an average federal individual tax rate of just 8.2 percent.
1. Bernard Arnault $208 B
2. Elon Musk $143 B
3. Gautam Adani $128 B
4. Jeff Bezos $119 B
5. Warren Buffett $110 B
6. Larry Elison $109 B
7. Bill Gates $103 B
8. Carlos Helu & Family $89 B
9. Mukesh Ambani $88 B
10. Larry Page $79 B
11. Steve Ballmer $77 B
12. Michael Bloomberg $76 B
13. Sergey Brin $76 B
14. Amancio Ortega $70 B
15. Zhong Shanshan $70 B
16. Jim Walton $61 B
17. Rob Walton $60 B
18. Charles Koch $59 B
19. David Thomson & Family $53 B
20. Michael Dell $52 B
That’s just the top 20 billionaires.
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