IRS report on Tax Rates of Top 400 Earners

[MasterOfMeatPuppets]

It will be entertaining to read how it's Obama's fault tax cuts somehow don't work anymore and how electing Republicans will magically make them work again.

[Skate4RnR]

Out of those 400 there's a lotta kids that need a good private schooling. Vouchers for private schools!

[SeminiferousButtNoid]

These numbers explain why the billionaires funding the tea party are so upset about expiration of the Bush tax cuts.

Individual Income Tax Data of Taxpayers with the Top 400 Adjusted Gross Income
http://www.irs.gov/taxstats/article/0,, ... 02,00.html


Top 400 earners had an average effective tax rate of 16.6% in 2007. No indication that declining effective tax rate on the super rich helped the economy. If anything, the economy slowed as the top 400's average effective rates declined and their income increased.

It was at 16.6% average because the majority of income from billionaires comes from dividends and long-term capital gains fixed at 15%, not wages. That's why I haven't seen any billionaires bitch about their tax situation. The people that bitch about their tax situation are the middle and upper middle class. Their effective tax rate is much closer to 35% because the majority of their income is wages, not investment. The democrat's definition of "super-rich" in accordance with the Bush Tax Cuts is anyone making above $250,000.