The 400 Richest Americans Pay An 18% Tax Rate

http://blogs.forbes.com/robertlenzn...ericans-pay-an-18-tax-rate/?partner=yahoofeed




The 400 Richest Americans Pay An 18% Tax Rate




The 400 richest Americans used to pay 30% of their income on the average to Uncle Sam. Today, they pay 18% on the average, according to Steve Rattner, a Wall Street financier, who just presented these figures on Mornings With Joe,MSNBC.

The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class’s taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.

Shockingly, the plan to raise the debt ceiling collects nothing from the wealthiest Americans to reduce our budget deficit. The Republican right wing holds the Obama White House hostage. It’s a sad day for the principle of sharing the pain equitably.

 

And under Dumbo's watch no less. Who voted for this ass hole anyway?

 

"The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003"

 

Pssssst it's 2011 and Dumbo has been in charge since early 2009.

 

Yes and I told you he is a moderate republican not a far left extreme socialist liberal

 

Damn, that is bitchin'... so I trade and I trade and I get wealthy, like really wealthy, and I get a tax break too?? Fantastic!! Only in America baby!!

 

From CNN Money:

Bush tax cuts: $544.3 billion…The bulk of that cost — $463 billion — is for the extension of cuts for families making less than $250,000, including two years of relief for 2010 and 2011 for the middle class from the Alternative Minimum Tax.

The rest — $81.5 billion — is attributable to the extension of cuts that apply to the highest income families.

In other words, 85% of the tax cuts went to the middle class.

But, you and Obama don't care. You guys need your class warfare talking points.

 

http://www.slate.com/id/2296578/

But the benefits mostly accrued to the rich, according to the nonpartisan Tax Policy Center. The think tank reports that between 2001 and 2008, the bottom 80 percent of filers received about 35 percent of the cuts. The top 20 percent received about 65 percent—and the top 1 percent alone claimed 38 percent.

 

Slate.com lying is lying, the top 1 percent got about 29% of the tax cut, and the top 5% got about 43%, given the fact that the top 5% pay over 50% of the taxes, that means that the top 5% got a tax cut for less than what they should have had coming to them if the tax breaks were supposed to be even.

 

www.fairtax.org