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Jug Pilot · #72 03-14-2010, 06:43 PM

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Originally Posted by JEROME DA GNOME

Quote:

Originally Posted by Jug Pilot

A Look at the Tax Returns of the Top 400 Taxpayers - Real Time Economics - WSJ

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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.

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.

About 81.3% of the income of the top 400 households came in the form of capital gains, dividends or interest, the IRS data show. Only 6.5% came in the form of salaries and wages.

Over the past 16 tax years 3,472 different taxpayers showed up in the top 400 at least once. Of these taxpayers, a little
more than 27% appear more than once. In any given year, about 40% percent of the top-400 returns were filed by taxpayers who weren’t in that exclusive club in any of the 15 years .

In all, the IRS received nearly 143 million individual tax returns for 2007, the year that ended with the onset of the worst recession in decades.

That is because every time you ask for tax increases on the rich, they tax the working class.

Thus anyone asking for tax increases on the rich is in reality asking for their own taxes to be increased.

Who is they?