Pulitzer Prize-winning Tax Notes reporter David Cay Johnston has a big scoop (subscription required): The incomes of the top 400 American households soared to a new record high in dollars and as a share of all income in 2007, while the income tax rates they paid fell to a record low, newly disclosed tax data show. In 2007 the top 400 taxpayers had an average income of $344.
New data released by the IRS reveals that, over a period of 12 years, tax rates for the richest 400 Americans were effectively cut in half. In 1995, the richest 400 Americans paid, on average, 29.93% of their income in federal taxes... Read Post
We're still posting a new chart on the current state of income inequality every day over the next week. Yesterday's looked at how the top 1 percent of Americans have captured half of all income. Today, let's talk taxes. In the past ... Read Post