The top 400 U.S. individual taxpayers got 1.59% of the nation’s household income in 2007, according to their tax returns, three times the slice they got in the 1990s, according to the Internal Revenue Service. They paid 2.05% of all individual income taxes in that year.I am unemployed and my effective tax rate is going to be higher than 16.6%.. Now I am all for the folks that have everything getting to enjoy the good life and if I was one of them I would spend money like no tomorrow. I would be a one man stimulus in a big way but there is something fundamentally wrong with a tax system when nearly half of the nation's richest are not even in the top tax bracket. This new deficit commission should maybe look into this?
In its annual update of the taxes paid by the 400 best-off taxpayers, who aren’t identified, the IRS also said that only 220 of the top 400 were in the top marginal tax bracket. The 400 best-off taxpayers paid an average tax rate of 16.6%, lower than in any year since the IRS began making the reports in 1992.
To make the top 400, a taxpayer had to have income of more than $138.8 million. As a group, the top 400 reported $137.9 billion in income, and paid $22.9 billion in federal income taxes.
Friday, February 19, 2010
What's Wrong With This?
I am sweating my 2009 taxes because I didn't have taxes taken out of my unemployment 'income' and I read things like this.