Monday, April 13, 2009

Taxes -- The Rich Don't Pull Their Weight

From The Nation:

The [new Institute for Policy Studies] report provides a good dose of historical perspective at a time when Republicans and too many Democrats fulminate at the possibility of raising the highest tax rate from 35 percent to 39.6 percent for households earning over $250,000. It notes that in 2006 (the most recent IRS data) the 139,000 taxpayers reporting incomes of $2 million or more paid just a 23 percent rate thanks to mega-loopholes; in 1955, people earning over $2 million in 2006 dollars paid a 49 percent rate. The top 400 taxpayers paid a 51 percent in 1955; in 2006 they paid just 17 percent of their incomes in federal income tax.

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