Saturday, January 31, 2009

You Wanna Get Mad?

Jan. 30 (Bloomberg) -- The average tax rate paid by the richest 400 Americans fell by a third 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.

I don't know about you but my tax rate is a whole lot higher than 17.2 percent and my income sure as hell didn't double. I think it's time we look at at least leveling the playing field.

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