REPORT: In 12 Years, Income For Richest 400 Americans Quadruples, Tax Rate Nearly Halved

[Donnachaidh]

http://thinkprogress.org/2011/04/18/tax-disparity-chart/

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. (For details, check out this report from BusinessWeek.)

As their tax rates plummeted, the total income of the richest 400 Americans skyrocketed. In 1995, the combined income of the richest 400 was just over $6 billion. By 2007, the combined income of the richest 400 was almost $23 billion.



More at the link --

[joeybee12]

1. But...but...but...they're the JOB CREATORS!

:sarcasm:

[Horse with no Name]

3. Someone that is REALLY good with graphs

needs to overlay the job growth charts for the same period of time with this one.

[joeybee12]

8. Good idea! Unfortunately, that's not me...nt

[G_j]

2. K&R!

[Skink]

4. Then instead of the trickle down we thought would happen they just invested more.

these guys that write the tax code no what they are doing.

[Horse with no Name]

5. Notice the inversion of income and taxes?

As income went up taxes went down.

[OHdem10]

6. Reagan made changes in the system that produces just this

outcome. GWB and Republicans nailed everything in place
and now the the current Republicans are playing Reverse Robinhood
Taking from the poor and giving even more to Richest Americans.
Trillions taken from Working Class, the Poor and Seniors
but the richest must keep their taxcut.(Ryan Plan). This
was researched by NYT and other publications.

[kestrel91316]

7. ZOMG, how are the poor things ever going to survive?