Here’s How Much Taxes the Top 1% Pay in Florida

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It’s hard not to feel a little envious when you hear about the “top 1%” in America. After all, the phrase often induces images of wealth, glamor and luxury — often beyond the average person’s wildest dreams. But even the wealthiest Americans have to pay income tax. It just might not be as high as you’d expect, given how much your own income is likely taxed.

GOBankingRates analyzed individual tax returns filed by Florida residents to find out how much the top 1% pays in taxes. Other sources used to figure this out include the U.S. Census American Community Survey, Missouri Economic Research and Information Center, Bureau of Labor Statistics Consumer Expenditure Survey and the Federal Reserve Economic Data.

Here’s how much the top 1% pay in taxes in Florida.

Key Findings: Florida Income Tax

• Florida ranks second-highest in terms of total income tax share for the top 1%. These top earners pay 53.6% of the total income tax. The only state that ranks higher is Wyoming, which has a total income tax share for the top 1% of 54.7%.
• Florida’s total income tax is more than $50 billion: Only four states have a total income tax share greater than $50 billion. These states are New York ($79 billion), Texas ($81 billion), Florida ($96 billion) and California ($122 billion).

How Much Floridians Pay In Taxes

• Average tax rate percentage for the top 1%: 25.98%
• Adjusted gross income for the top 1%: $370,582,169,000
• Adjusted gross income share for the top 1%: 32.65%
• Total income tax share for the top 1%: 53.62%
• Total income tax paid for the top 1%: $96,264,565,000
• Total number of tax returns received for the top 1%: 105,101
• Rank in total income tax share paid for the top 1%: 2nd

2025 Federal Income Tax Brackets

According to the IRS, these are the marginal federal income tax brackets for single taxpayers and married individuals filing separately (2025):

• 37% for incomes over $626,350
• 35% for incomes over $250,525
• 32% for incomes over $197,300
• 24% for incomes over $103,350
• 22% for incomes over $48,475
• 12% for incomes over $11,925
• 10% for incomes $11,925 or less

Marginal rates double for married couples filing jointly. Notably, Florida does not have a state income tax for individuals. The corporate income tax rate is 5.5%.

Methodology: For this study, GOBankingRates analyzed individual tax returns by state to find out how much the top percents pay in taxes. For each state a number of factors were found including: total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. The cost of living indexes were sourced from Missouri Economic and Research Information Center. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The average single family home value was sourced from Zillow Home Value Index for January 2025. Using the average single family home value, assuming a 10% downpayment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. Using data from the IRS SOI tax stats, the individual tax rates by income percentiles and by state were included. The states were sorted to show the highest to lowest tax share percentage. All data was collected on and is up to date as of Mar. 6, 2025.

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