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I I I I I I I I I ! Rnview July 8 1985 Second special assessment on thrifts levied by FSLIC The Federal Home Loan Bank Board has authorized the Federal Savir~js and Loan Insurance Corporation (FSLIC) to impose a second special insur- ance assessment on ES{]lC-insured thrift institutions, in an effort to inject an additi'onal'$250 million into the insurance fund. The premium of 1/32 of 1% of deposits, which was payable on June 30, follows a previous assessment of the same amount payable on March 31. The Board also expressed its intent to consider additional special assessments later this year, but to refund all of them if Congress enacts legislation by September 1 to replenish the FSLIC reserves. The Board is authorized to make special assessments totalling 1/8 of 1% of deposits in any given year to reimburse losses incurred by the FSLIC. High-income earners pay increasing share of Federal income taxes According to Tax Foundation economists, the distribution of Federai income tax burdens among higher and lower income earners has been re- markably stable in recent years. There has been a tendency, however, for those at the upper end of the income scale to pay an increasing share of the individual income tax. As the table below indicates, the greatest increase in taxes paid occurred among the top 5% of income earners: Comparison of Federal Income Tax Distribution 1983 vs. 1978 Income Adjusted Gross Percent of Tax Paid Average Tax Class Income (1983)* 1983 1978 1983 1978 Highest 5% $53,100 or more 37.9% 34.8% $21,700 $14,600 'lJiighest 10% 41,500 or more 50.3 49.6 14,400 10,400 Highest 25% 27,800 or more 73.4 73.6 8,400 6,200 Highest 50% 14,900 or more 93.1 93.5 5,300 3,900 Lowest 50% 14,899 or less 6.9 6.5 400 300 Lowest 25% 6,900 or less .6 .4 70 30 'Income class for 1978 is based on relative AGI levels for that year. In addition, there was a sharp increase in the number of persons with adjusted gross incomes of $1,000,000 or more. There were 11,500 taxpayers in this top group in 1983, up nearly 600% from 2,000 in 1978. These top earners paid an average 1983 tax of $886,700.