Saturday, February 28, 2009
What happened? You know, already
The rich get rich...you know the rest of the mantra:
Richest Americans’ Income Doubled as Tax Rate Slashed
By Ryan J. Donmoyer
(Corrects math error in first paragraph of story that ran Jan. 30 to show tax rate fell by a quarter, not a third.)
Jan. 30 (Bloomberg) -- The average tax rate paid by the richest 400 Americans fell by a quarter to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million, new IRS data show.
The 17.2 percent tax rate in 2006 was the lowest since the IRS began tracking the 400 largest taxpayers in 1992, although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000.
The drop from 2001’s tax rate of 22.9 percent was due largely to ex-President George W. Bush’s push to cut tax rates on most capital gains to 15 percent in 2003.
Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.
Richest Americans’ Income Doubled as Tax Rate Slashed
By Ryan J. Donmoyer
(Corrects math error in first paragraph of story that ran Jan. 30 to show tax rate fell by a quarter, not a third.)
Jan. 30 (Bloomberg) -- The average tax rate paid by the richest 400 Americans fell by a quarter to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million, new IRS data show.
The 17.2 percent tax rate in 2006 was the lowest since the IRS began tracking the 400 largest taxpayers in 1992, although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000.
The drop from 2001’s tax rate of 22.9 percent was due largely to ex-President George W. Bush’s push to cut tax rates on most capital gains to 15 percent in 2003.
Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.
