Monday, February 02, 2009

IRS Report on the Top 400

IRS Top 400 Earners-through 2006

Here's some highlights:

They average $263 million per year income, of which 63% is from capital gains. 

Over the six years of the Bush administration, their income DOUBLED! What's worse is as a percentage of the total wealth in the country, the top 400 earners went from just under 1% (0.81%) up to about 1.33%- meaning that an extra half of a percent of the TOTAL wealth in the country went into the hands of 400 people, meanwhile average income of the middle class remained flat (and actually decreased when you account for inflation).

Through the capital gains tax, some crazy deductions, and political lubrication, the top 400 earners in this country only pay an average of 17.2% in tax. 

So let me see here, I make approximately 0.017% of what these people average, and I pay ~25% or 7.8% MORE in taxes then they do. Woah!

Only in America!


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