For Richest 400, Income Quadruples while Tax Rate Plunges

[The Straight Story]

For Richest 400, Income Quadruples while Tax Rate Plunges

The richest of the rich did very well for themselves from 1995 to 2007, thanks in part to a shrinking tax burden for the wealthy.

A new report from the IRS shows the effective tax rate for the richest 400 Americans dropped by almost half during the 12-year period, from 29.93% in 1995 to 16.63% in 2007.

In 1995, only a dozen of the wealthiest Americans paid an effective tax rate of between zero and 15%. By 2007, the number had ballooned to more than 150, owing to the Bush-era tax reductions and “the aggressive exploitation of tax dodges and shelters,” according to Think Progress.

Although the richest 5% of Americans still account for 44% of the nation’s tax revenues, the elite 400 still saw their collective income expand from $6 billion to nearly $23 billion.

http://www.allgov.com/Where_is_the_Money_Going/ViewNews/For_Richest_400_Income_Quadruples_while_Tax_Rate_Plunges_110420

[sinkingfeeling]

1. This is why we have a deficit ! Not the spending!