In 1995, just 12 of the 400 richest Americans paid an effective tax rat of between zero and 15%. By 2007, that number skyrocketed to over 150. The massive reduction is due to both Bush-era tax reductions for the wealthy and the aggressive exploitation of tax dodges and shelters. (For details, check outthis reportfrom BusinessWeek.)
As their tax rates plummeted, the total income of the richest 400 Americans skyrocketed. In 1995, the combined income of the richest 400 was just over $6 billion. By 2007, the combined income of the richest 400 was almost $23 billion.
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So--- their income is skyrocketing and their taxes are down, but the jobs they say they would create IF these conditions were met, well, WHERE are they? right.....no jobs, but ANOTHER vacation home in Hawaii....
Not a drop trickled down to me.
Lots of ways to look at numbers. These 400 richest Americans reduced the percentage of tax paid but because their incomes had increased their 2007 taxes were just over TWICE the amount of taxes paid in 1995. The top 10% of earners pay 70% of all taxes. If you taxed 100% of the income of the top 10% earners you would not have enough to bail out our deficit and yet the 40% of citizens who pay absolutely no taxes would still not be satisfied. Tell the government to spend less and it will need less.
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