Taxes Paid by Florida’s Top 1%

Our Pledge to You, Our Readers

At GOBankingRates, we prioritize providing impartial reviews and insights. Our reviews and ratings are based on data-driven methodologies, not influenced by advertisers. Discover more about our editorial standards and evaluation processes.

20 Years
Empowering Financial Growth

When we think about the top 1% of earners in Florida, it often evokes images of wealth and affluence. However, it’s crucial to understand how much these top earners contribute to taxes. Even in Florida, the top 1% pay a significant amount of taxes, though it might not align with what many assume.

We conducted a comprehensive analysis based on individual tax returns from Florida residents to shed light on the tax contributions of the top 1%. Resources such as the U.S. Census American Community Survey and Bureau of Labor Statistics have been instrumental in this analysis.

Understanding Florida’s Tax Landscape

• Key Taxation Insight: Florida ranks second when it comes to the income tax share that the top 1% contribute. Specifically, this group pays 53.6% of the total income tax collected.
• Impressive Tax Contribution: Florida’s total income tax exceeds $50 billion, placing it among states like New York, Texas, and California.

Taxation Details for Top Earners in Florida

• Average Tax Rate for Top 1%: 25.98%
• Aggregate Adjusted Income: $370,582,169,000
• Income Share by Top 1%: 32.65%
• Contribution to Income Tax: $96,264,565,000
• Total Returns Filed by Top 1%: 105,101

Federal Tax Brackets for 2025

The IRS has outlined the marginal federal income tax brackets that will soon influence taxpayers, with rates starting at 37% for incomes over $626,350. Detailed brackets highlight varying rates down to 10% for the lowest incomes.

Note that Florida maintains an absence of a state personal income tax. However, corporations face a corporate tax rate of 5.5%.

Research Methodology: This evaluation leveraged a series of metrics sourced from national data repositories, which provided insights into tax contributions across states. Data integrity was ensured through verified sources, updated as of March 6, 2025.

For those interested in further exploring strategies for personal finance management, Click Here For More Personal Finance tips and strategies.