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Tax Rates for Top 400 Earners Fall as Income Soars, IRS Data (http://www.tax.com/taxcom/features.nsf/Articles/0DEC0EAA7E4D7A2B852576CD00714692?OpenDocument - broken link)
David Cay Johnston* for Tax Analysts
The incomes of the top 400 American households soared to a new record high in dollars and as a share of all income in 2007, while the income tax rates they paid fell to a record low, newly disclosed tax data show.
In 2007 the top 400 taxpayers had an average income of $344.8 million, up 31 percent from their average $263.3 million income in 2006, according to figures in a report that the IRS posted to its Web site without announcement that were discovered February 16. (For the report, see Tax Analysts Doc 2010-3372 .)
The figures came at the peak of the last economic cycle and show that widely published reports in major newspapers asserting that the richest Americans are losing relative ground and "becoming poorer" are not supported by the official income data.
Tax Rates for Top 400 Earners Fall as Income Soars, IRS Data (http://www.tax.com/taxcom/features.nsf/Articles/0DEC0EAA7E4D7A2B852576CD00714692?OpenDocument - broken link)
David Cay Johnston* for Tax Analysts
The incomes of the top 400 American households soared to a new record high in dollars and as a share of all income in 2007, while the income tax rates they paid fell to a record low, newly disclosed tax data show.
In 2007 the top 400 taxpayers had an average income of $344.8 million, up 31 percent from their average $263.3 million income in 2006, according to figures in a report that the IRS posted to its Web site without announcement that were discovered February 16. (For the report, see Tax Analysts Doc 2010-3372 .)
The figures came at the peak of the last economic cycle and show that widely published reports in major newspapers asserting that the richest Americans are losing relative ground and "becoming poorer" are not supported by the official income data.
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True, but good for them. Why get jealous of the super wealthy? They earned their money. They only used the current system to their advantage.
They obviously pay a lot in taxes (in the overall scheme of things).
So should I get mad at the NBA player making 10 million a year? No, because like the "top 400" there are only 12-15 NBA player on a team and they are rare.
If you want to change the tax code, than get rid of all the tax exempt bonds (which the majority of the super wealthy invest in), get rid of deductions. Yes that includes home mortgage interest deduction.
So would you get willing to get rid of your 401K pre tax retirement deduction and your home mortgage deduction? Think about the fairness issue at hand.
That's why American's are so hypocritical at taxes. Most of them benefit from deductions in home mortgage, state income taxes, property taxes, child tax credits etc.
But the super wealthy take it to another level (because their access to pre tax money is much more) But they are only doing what regular folks have access to.
True, but good for them. Why get jealous of the super wealthy? They earned their money. They only used the current system to their advantage.
They obviously pay a lot in taxes (in the overall scheme of things).
So should I get mad at the NBA player making 10 million a year? No, because like the "top 400" there are only 12-15 NBA player on a team and they are rare.
If you want to change the tax code, than get rid of all the tax exempt bonds (which the majority of the super wealthy invest in), get rid of deductions. Yes that includes home mortgage interest deduction.
So would you get willing to get rid of your 401K pre tax retirement deduction and your home mortgage deduction? Think about the fairness issue at hand.
That's why American's are so hypocritical at taxes. Most of them benefit from deductions in home mortgage, state income taxes, property taxes, child tax credits etc.
But the super wealthy take it to another level (because their access to pre tax money is much more) But they are only doing what regular folks have access to.
Billionaires who earn their money with capital investments pay a maximum income tax of 15%, how does that compare with your income tax bill?
Billionaires who earn their money with capital investments pay a maximum income tax of 15%, how does that compare with your income tax bill?
Because that investment money is all "post tax" money. That's what drives investments. Higher risks, but higher returns and less taxes. Again post-tax money they are investing.
Now compare this with the housing boom/bust. You had regular joes/janes putting zero down on $500K housing "investment". Remember if you "owned a home for 2 years" you paid zero income taxes on that investment up to 250/500K singles/couples if it's your primary residence. Don't you think it's fair for those to not pay taxes on those investments? Once their investments went bust, they were screwed. They couldn't cover.
But if billionaires lose their investment money, they drag down the system like the little guys.
Also they can only deduct 3000 of investment losses each year and carry over the rest.. Of course if they have 100K in losses to carry and the following year they have a 100K profit, they can pay zero taxes on that.
Now as for some hedge fund managements paying their "income" at a 15% rate. That I will agree is wrong. They need to pay their regular income tax rates like the rest of us.
Because that investment money is all "post tax" money. That's what drives investments. Higher risks, but higher returns and less taxes. Again post-tax money they are investing.
Your are full it. When someboby buys stock, they are gambling their money. If go to Las Vegas and win big, I get hit with the same tax as if in the back of a shovel earning it.
The Bull went to a Bear in 2006. If we're going to look at income, then we need to look at market conditions and compare accordingly. 2007-2010 likely was a much different picture.
The Bull went to a Bear in 2006. If we're going to look at income, then we need to look at market conditions and compare accordingly. 2007-2010 likely was a much different picture.
Typical right wingers. The Country can't pay it's bills. Unemployment is high. Pay is stagnant.
What do they do?
Manage to only find sympathy and support for the richest Americans who are making more and paying less in taxes.
If in just World, economic hardship would fall on only those middle class sheep who vote Republican.
They just ask for it.
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