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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums7 Things You Didn't Know About the Ultra Rich
A loyal subject asking the King for a hand-out.
7 Things You Didn't Know About the Ultra Rich
New data provides a glimpse into how the 400 highest earners make their money and pay their taxes.
By Scott Klinger / Inequality.org March 8, 2016
Each year, the Internal Revenue Service publishes data on the collective income of the 400 taxpayers who report the most income on their tax returns.
SNIP...
Here are seven additional facts reported by the IRS in its report:
* It took $100.1 million to make the cut as one of the nations 400 highest income taxpayers in 2013.
* The 400 highest income taxpayers had a collective adjusted gross income of $106 billion, an average of $265 million per Top 400 taxpayer.
* The top 400 taxpayers filed 0.0003 of the nations 147.4 million tax returns but reported 1.17 percent of the nations total income.
* More than two-thirds (68.2 percent) of the income of the top 400 taxpayers comes from investment income taxed at about half the rate as income earned from work: capital gains accounted for 51.7 percent of top 400 taxpayers income; dividends 10.8 percent and interest, 5.8 percent.
* Top 400 taxpayers reported $57.4 billion of investment income that was subject to lower preferential rates, nearly 10 percent of the total reported on all 147 million tax returns. If this investment income had been taxed at the same rates as income from work, these taxpayers would have paid an estimated $10.9 billion in additional income taxes.
* Top 400 taxpayers deducted $12.9 billion in charitable gifts on their 2013 tax returns, 6.6 percent of the total charitable deductions claimed on 2013 tax returns. This amount is 1.2 percent of the top 400s adjusted gross income.
* The top 400 taxpayers collectively paid $24.3 billion in federal income taxes in 2013, 1.96 percent of the total income taxes paid. This represents the third highest share of taxes paid by the top 400 taxpayers since 1992.
* The 400 highest income taxpayers had a collective adjusted gross income of $106 billion, an average of $265 million per Top 400 taxpayer.
* The top 400 taxpayers filed 0.0003 of the nations 147.4 million tax returns but reported 1.17 percent of the nations total income.
* More than two-thirds (68.2 percent) of the income of the top 400 taxpayers comes from investment income taxed at about half the rate as income earned from work: capital gains accounted for 51.7 percent of top 400 taxpayers income; dividends 10.8 percent and interest, 5.8 percent.
* Top 400 taxpayers reported $57.4 billion of investment income that was subject to lower preferential rates, nearly 10 percent of the total reported on all 147 million tax returns. If this investment income had been taxed at the same rates as income from work, these taxpayers would have paid an estimated $10.9 billion in additional income taxes.
* Top 400 taxpayers deducted $12.9 billion in charitable gifts on their 2013 tax returns, 6.6 percent of the total charitable deductions claimed on 2013 tax returns. This amount is 1.2 percent of the top 400s adjusted gross income.
* The top 400 taxpayers collectively paid $24.3 billion in federal income taxes in 2013, 1.96 percent of the total income taxes paid. This represents the third highest share of taxes paid by the top 400 taxpayers since 1992.
Scott Klinger was the director of revenue and spending policies at the Center for Effective Government.
CONTINUED...
http://www.alternet.org/economy/7-things-you-didnt-know-about-ultra-rich
"Capital Gains Tax Cut" is code for Trickle Down Voodoo Economics.
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7 Things You Didn't Know About the Ultra Rich (Original Post)
Octafish
Mar 2016
OP
How many stories did we see like this before Occupy Wall Street? How many before Bernie announced
merrily
Mar 2016
#1
And they control the MSM so most Americans have no idea that these people are paying off politicians
highoverheadspace
Mar 2016
#2
merrily
(45,251 posts)1. How many stories did we see like this before Occupy Wall Street? How many before Bernie announced
he was exploring a run for the Oval Office?
highoverheadspace
(307 posts)2. And they control the MSM so most Americans have no idea that these people are paying off politicians
and have the congress in their pocket.
Overseas
(12,121 posts)3. K&R. Lots of elements I did not know.