|
|
"A collaborative political resource." |
In 12 Years, Income For Richest 400 Americans Quadruples, Tax Rate Nearly Halved
|
| Parent(s) |
Issue
-
|
| Contributor | RP |
| Last Edited | RP Jul 14, 2011 06:39pm |
| Category | Report |
| News Date | Jul 14, 2011 06:00pm |
| Description | New data released by the IRS reveals that, over a period of 12 years, tax rates for the richest 400 Americans were effectively cut in half. In 1995, the richest 400 Americans paid, on average, 29.93% of their income in federal taxes. In 2007, the last year for which the IRS has released data, the richest 400 Americans paid just 16.63%.
New data released by the IRS reveals that, over a period of 12 years, tax rates for the richest 400 Americans were effectively cut in half. In 1995, the richest 400 Americans paid, on average, 29.93% of their income in federal taxes. In 2007, the last year for which the IRS has released data, the richest 400 Americans paid just 16.63%.
In 1995, just 12 of the 400 richest Americans paid an effective tax rat of between zero and 15%. By 2007, that number skyrocketed to over 150. The massive reduction is due to both Bush-era tax reductions for the wealthy and the aggressive exploitation of tax dodges and shelters. |
| Article | Read Article |
|
|
