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Super rich see big drop in taxes
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Contributor | RP |
Last Edited | RP Apr 18, 2011 10:06am |
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Category | Analysis |
Author | STEPHEN OHLEMACHER |
News Date | Monday, April 18, 2011 04:05:00 PM UTC0:0 |
Description | Their federal income tax rate has dropped from 26 percent to 17 percent in 15 years, according to IRS
As Monday's tax filing deadline nears, ponder this: The super rich pay a lot less taxes than they did a couple of decades ago, and nearly half of U.S. households pay no income taxes at all.
The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.
Over the same period, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent. |
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