For Top 400 U.S. Taxpayers, a Near-Record Year

[marmar]

from Too Much: A Commentary on Excess and Inequality:




For Top 400 U.S. Taxpayers, a Near-Record Year
May 14, 2011

America’s super rich, new IRS income data show, partied on right through the depth of the Great Recession. And they shared precious little of their good fortune with Uncle Sam.

By Sam Pizzigati


America’s super rich, new IRS income data show, partied on right through the depth of the Great Recession. And they shared precious little of their good fortune with Uncle Sam.

In 2008, the IRS revealed last week, 400 Americans reported at least $110 million in income on their federal tax returns. These 400, in a year that ended with millions of Americans out of work and home, averaged $270.5 million each, the second-highest U.S. top 400 average income on record.



The IRS only started reporting top 400 income calculations in 2003, and the agency’s official “top 400” totals just go back to 1992. But older IRS data reports do make top 400 estimates from some earlier years possible. And these earlier figures leave the latest IRS numbers in even starker relief.

Top 400 tax ratesIn 1955, for instance, America’s top 400 averaged — in 2008 dollars — $13.3 million. In other words, the top 400 in 2008 reported incomes that, after taking inflation into account, amounted to more than 20 times the incomes of America’s top 400 a half-century ago. ...................(more)

The complete piece is at: http://toomuchonline.org/for-top-400-taxpayers-a-near-record-year/

[Scuba]

1. So why is it hard to get the average Joe to understand? Maybe this ....

...snip...

In 2008, the IRS revealed last week, 400 Americans reported at least $110 million in income on their federal tax returns. These 400, in a year that ended with millions of Americans out of work and home, averaged $270.5 million each, the second-highest U.S. top 400 average income on record.

In 1955, for instance, America’s top 400 averaged — in 2008 dollars — $13.3 million. In other words, the top 400 in 2008 reported incomes that, after taking inflation into account, amounted to more than 20 times the incomes of America’s top 400 a half-century ago.

But 1955’s top 400 didn’t just make far less than 2008’s top 400. The rich in 1955 paid far more of their income in taxes than today’s rich. In 2008, the new IRS data show, the top 400 paid only 18.1 percent of their total incomes in federal income tax. The top 400 in 1955 paid 51.2 percent of their total incomes in tax.

...end snip...


Don't you think an 18% Fed tax rate is a bit low on income of $270M??

[bulloney]

2. How many of these 400 are against a nominal increase in their tax rate?

To those that are opposed, how much richer do you have to get before you're comfortable? These people already have more money than they and their heirs could spend in multiple lifetimes. Yet, you read about the Kochs and possibly others attempting to hoard more wealth by dismantling safety net programs and regulations that protect middle and lower-classed people.

Is the thrill of hoarding more wealth faster regardless of the consequences on the rest of the nation the name of the game for such people?