Federal Taxes Drop Dramatically for Super Rich

Friday, April 22, 2011
STEPHEN OHLEMACHER, Associated Press
Submitted by: Kevin J. Ziruolo

The super rich pay a lot less taxes than they did a couple of decades ago, and nearly half of U.S. households pay no income taxes at all due to far more lucrative tax breaks than people with lower incomes.

[excerpt] The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.

Over the same period in 2007, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent.

The top tax bracket is 35%.

Read Full Associated Press Article

Posted by Editor on 04/22/11 at 07:00 AM • (0) Comments

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