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Super rich see federal taxes drop dramatically [View All]

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EvolveOrConvolve Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-17-11 08:28 AM
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Super rich see federal taxes drop dramatically
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Source: Yahoo! News

WASHINGTON As millions of procrastinators scramble to meet Monday's tax filing deadline, ponder this: 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.

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.

...

Eric Schoenberg says to sign him up for paying higher taxes. Schoenberg, who inherited money and has a healthy portfolio from his days as an investment banker, has joined a group of other wealthy Americans called United for a Fair Economy. Their goal: Raise taxes on rich people like themselves.

Schoenberg, who now teaches a business class at Columbia University, said his income is usually "north of half a million a year." But 2009 was a bad year for investments, so his income dropped to a little over $200,000. His federal income tax bill was a little more than $2,000.

Read more: http://news.yahoo.com/s/ap/20110417/ap_on_re_us/us_no_t...
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