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Thread: The Richest 400 Effective Tax Rate Declines!

  1. #1
    Havakasha is offline

    The Richest 400 Effective Tax Rate Declines!

    S&L i think you need to brush up on your facts about the rich and taxes.
    And now you know why Warren Buffett says he pays too little taxes.


    New IRS Data Show that Income of the Richest 400 Grows While their Effective Tax Rate Declines
    February 19, 2010 1:42 PM

    New data from the IRS show that in 2007 the richest 400 taxpayers in America increased their incomes by 31 percent over the previous year, increased their share of total income in America, and paid an even lower effective tax rate than ever before.

    Writing for Tax Analysts, David Cay Johnston finds that the average income of the richest 400 grew from $263.3 million in 2006 to $344.8 million in 2007. Meanwhile, their effective income tax rate fell from 17.17 percent in 2006 to 16.62 percent in 2007.

    As usual, a major cause of the low effective tax rates is the preferential rate for capital gains and stock dividends, which are taxed at a top rate of 15 percent instead of the top rate of 35 percent that applies to other income for the very rich. Capital gains made up 66.3 percent of income for the top 400 in 2007, up from 62.8 percent in 2006.

    The data seem to highlight the need to allow the Bush tax cuts, which cut the top rate for capital gains and stock dividends to 15 percent, to expire as scheduled at the end of 2010.

    The report released last week by Citizens for Tax Justice on the President's budget argued that Congress should at least allow the Bush tax cuts to expire for the rich (which Obama defines as married couples with incomes above $250,000 and unmarrieds with income above $200,000) and should enact at least as many revenue-raisers as the President proposes.

  2. #2
    SiriuslyLong is offline
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    SiriuslyLong's Avatar
    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    Quote Originally Posted by Havakasha View Post
    S&L i think you need to brush up on your facts about the rich and taxes.
    And now you know why Warren Buffett says he pays too little taxes.


    New IRS Data Show that Income of the Richest 400 Grows While their Effective Tax Rate Declines
    February 19, 2010 1:42 PM

    New data from the IRS show that in 2007 the richest 400 taxpayers in America increased their incomes by 31 percent over the previous year, increased their share of total income in America, and paid an even lower effective tax rate than ever before.

    Writing for Tax Analysts, David Cay Johnston finds that the average income of the richest 400 grew from $263.3 million in 2006 to $344.8 million in 2007. Meanwhile, their effective income tax rate fell from 17.17 percent in 2006 to 16.62 percent in 2007.

    As usual, a major cause of the low effective tax rates is the preferential rate for capital gains and stock dividends, which are taxed at a top rate of 15 percent instead of the top rate of 35 percent that applies to other income for the very rich. Capital gains made up 66.3 percent of income for the top 400 in 2007, up from 62.8 percent in 2006.

    The data seem to highlight the need to allow the Bush tax cuts, which cut the top rate for capital gains and stock dividends to 15 percent, to expire as scheduled at the end of 2010.

    The report released last week by Citizens for Tax Justice on the President's budget argued that Congress should at least allow the Bush tax cuts to expire for the rich (which Obama defines as married couples with incomes above $250,000 and unmarrieds with income above $200,000) and should enact at least as many revenue-raisers as the President proposes.
    So you have a beef with Capital Gains?? Poor you. You see people winning in life, and you want to take some of it. This can be your mission.... to get the rich to give up some of their capital gains because it just ain't fair. lol. I'm goining to call you Count Olaf (making you lifes mission to take something from someone else).

  3. #3
    SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    Well, maybe you have a point. Here's a possible starting point. Lead by example, right?

    http://www.rollcall.com/features/Gui...-1.html?page=1

    Maybe you can petition your party leaders to make a volunteer tax payment to the United States of America c/o Barrack Obama lol. You know, like start a movement.........

  4. #4
    SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    Check out this gal.

    http://karendecoster.com/about

    Although a seemingly a little extreme, I do agree with many things she believes in.

  5. Ad Fairy Senior Member

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