Richest Americans’ Income Doubled as Tax Rate Slashed
By Ryan J. Donmoyer
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.
Dear America, I have news for you. POLARIZED ECONOMIES TEND TO TANK! The fact that this economy has been directed by the federal government for eight years to be so vastly polarized and the fact that this economy is now in the crapper is NOT A COINCIDENCE. And that House Minority “Leader” John Boner continued pressing a case for tax cuts over infrastructure spending as a means of stimulus should have everybody shaking in their boots. (And, please note that when Boner and Comedian Rush Limbaugh talk about tax cuts and when President Obama talks about tax cuts, they are not actually discussing the same subject. Remember that Comedian’s plan suspended the capital gains tax for a year and then slashed it to 10 percent; that’s this very tax cut that just gave the rich even more paper to burn. Do you feel it tricklin’ down on ya yet? Do ya?)