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Richest Americans? Income Doubled as Tax Rate Slashed

ericlp

ericlp

Diamond Member
Jan. 30 (Bloomberg) -- The average tax rate paid by the richest 400 Americans fell by a third to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million, new IRS data show.

The 17.2 percent tax rate in 2006 was the lowest since the IRS began tracking the 400 largest taxpayers in 1992, although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000.

The drop from 2001?s tax rate of 22.9 percent was due largely to ex-President George W. Bush?s push to cut tax rates on most capital gains to 15 percent in 2003.


So tell me again, why we should bail out these assholes?


edit:

Link

http://www.bloomberg.com/apps/...=aOTRqZpdyxz4&refer=us

 
Republicans across the US just had a communal orgasm.
 
Originally posted by: ericlp

So tell me again, why we should bail out these assholes?
Click to expand...

Because it's their wealth that creates a crapload of jobs via lower capital gains

Also don't forget this fact..."although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000. "

And MORE:
"The richest 400 Americans collectively paid $18.1 billion in taxes in 2006, the highest in the 15-year period and 1.77 percent of all income taxes paid in the United States; on an inflation- adjusted basis, the dollar amount was the highest since 2000. "
 
Originally posted by: jpeyton
Republicans across the US just had a communal orgasm.
Click to expand...

Why, because their average income increased? Is that supposed to be a bad thing? Their income doubling is not the result of the lower tax rate.

By the way, even with the lower tax rate, the combined taxes they did pay was the highest total in the past 15 years.
 
Originally posted by: spidey07
Originally posted by: ericlp

So tell me again, why we should bail out these assholes?
Click to expand...

Because it's their wealth that creates a crapload of jobs via lower capital gains

Also don't forget this fact..."although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000. "

And MORE:
"The richest 400 Americans collectively paid $18.1 billion in taxes in 2006, the highest in the 15-year period and 1.77 percent of all income taxes paid in the United States; on an inflation- adjusted basis, the dollar amount was the highest since 2000. "
Click to expand...
It would have been even more impressive if they paid their fair share of 36.2 billion.
 
The suggestion that they paying the most taxes in the last 15 years is a good thing is humorous to me, especially given that the poor were getting poorer at the same time and that the wealthiest people's tax rate was so low. I wonder if this is the logic that will be used in the future to transfer as much wealth as possible up the ladder and decrease their taxes as much as possible at the same time.
 
Originally posted by: ericlp
Richest Americans? Income Doubled as Tax Rate Slashed
Click to expand...

So you agree that cutting income taxes results in higher income? isn't that the Republicans position?

BTW: the reason those peoples' rates are so low is because they are fund managers in NYC and Shumer and other Dems won't allow that loophole for them to be removed.

Fern
 
Originally posted by: LegendKiller
Originally posted by: venkman
Tell me again why I'm paying 35% and they are paying 17%?
Click to expand...

Your blended tax rate is 35%? You make well over 357K?
Click to expand...
Throw state, local, sales, property, excise, fees, FICA/Medicare/SS and it's probably much higher 🙂

 
OK - I think that article is highly misleading. Look at the actual IRS link in the article. On the last page it shows marginal tax rate for the top 400. The trend from 2000-2006 is rougly the same so I'll summarize by using 2006 numbers:

0-26% = 27 returns
26 and 28% = 140 returns
31% - 0 returns
35% and over = 233 returns

The article is misleading because it ONLY looked at income tax rate and did not include other taxes like capital gains. When you look at total federal taxes paid the picture is quite different with the mass majority of them paying over 26% and OVER 50% of them paying 35% or more in federal tax.
 
Originally posted by: alchemize
Originally posted by: LegendKiller
Originally posted by: venkman
Tell me again why I'm paying 35% and they are paying 17%?
Click to expand...

Your blended tax rate is 35%? You make well over 357K?
Click to expand...
Throw state, local, sales, property, excise, fees, FICA/Medicare/SS and it's probably much higher 🙂
Click to expand...

Shit, I could throw in when I paid NYC tax to, but this was IRS taxes, not all of the rest.

Either Venkman isn't telling us the truth or he just can't read. Which one is true?
 
Originally posted by: MagicConch
The suggestion that they paying the most taxes in the last 15 years is a good thing is humorous to me, especially given that the poor were getting poorer at the same time and that the wealthiest people's tax rate was so low. I wonder if this is the logic that will be used in the future to transfer as much wealth as possible up the ladder and decrease their taxes as much as possible at the same time.
Click to expand...


How can you can link their making money with someone else being poor? Poor people dont pay taxes! Most people get back more than they paid, every single year. Even if these rich paid the 22.9% it was before the cut, that poor person would still be getting poorer. If I were poor I sure as hell wouldn't feel it is any of their fault, nor would I feel it is their responsibility to make money show up in my bank account. I dont understand that way of thinking.

I find it humurous that anyone thinks raising capital gains taxes back to 20% is going to do anything good for the middle class or the poor.

 
Originally posted by: ericlp
...........although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000.
Click to expand...

Quite a little nugget that seems to be completely overlooked. Yes, their rate of taxation was lowered, however the amount of tax they paid increased. Perfect? Probably not, but the government still came out ahead. This is where the liberals expose their bias, the gain on return is not nearly as important as their desire to be punish success. Disturbing.
 
Originally posted by: spidey07
Originally posted by: ericlp

So tell me again, why we should bail out these assholes?
Click to expand...

Because it's their wealth that creates a crapload of jobs via lower capital gains

Also don't forget this fact..."although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000. "

And MORE:
"The richest 400 Americans collectively paid $18.1 billion in taxes in 2006, the highest in the 15-year period and 1.77 percent of all income taxes paid in the United States; on an inflation- adjusted basis, the dollar amount was the highest since 2000. "
Click to expand...

if we double their income and cut their taxes by another third, they can pay record amount of taxes again! What heros.
 
Originally posted by: spidey07
Originally posted by: ericlp

So tell me again, why we should bail out these assholes?
Click to expand...

Because it's their wealth that creates a crapload of jobs via lower capital gains

Also don't forget this fact..."although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000. "

And MORE:
"The richest 400 Americans collectively paid $18.1 billion in taxes in 2006, the highest in the 15-year period and 1.77 percent of all income taxes paid in the United States; on an inflation- adjusted basis, the dollar amount was the highest since 2000. "
Click to expand...

Spidey is a good representative for the 'right-wing ideology' group.

He thinks you can't lower the taxes on the wealthy enough, because it 'creates' jobs (presumably well paying ones). Perhaps he beleives supply-side, Laffer curve etc.

So, here we are following the years above, with doubling of their incomes, a skyrocketing concentration of wealth.

And terrible job creation. Bad in numbers, bad in the quality of the jobs that are created.

In fact, during his policies since Reagan, the bottom 80% of Americans have seen 0% growth after inflation in their income. We've had decent growth, but it all went to the top, with the top 0.01% going up hundreds of percent. So, we have facts showing the opposite of his claim - the policies only serve to shift, to redistribute, wealth to tthe top, not to create wealth for everyone.

Does redoublijng the incomes at the top leading to record job losses phase Spidey's claim that cutting their taxes is more than made up for with new jobs? See above.

See how blinding the right-wing ideology is, that can't tell the difference between cutting rates from 90 to 70% (JFK) and cutting them from 35% to 17% (reported in this story).
 
OK - the basic premise of this article is bunk.

"Jan. 30 (Bloomberg) -- The average tax rate paid by the richest 400 Americans fell by a third to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million, new IRS data show. "

YR2000 Average AGI = 173M
YR2006 Average AGI = 263M

YR2000 Average income tax rate = 22.85%
YR2006 Average income tax rate = 17.17
A reduction of one QUARTER, not third.

Me thinks the person who wrote this article is intentionally distorting facts.
 
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