Tom Herman at The Wall Street Journal reports the latest on the Fortunate 400.
Tom Herman at The Wall Street Journal reports the latest on the Fortunate 400. New IRS data indicates that the 400 highest income earners together earned $85.6 billion in 2005, an average income of $213.9 million each. These 400 households took home 1.15 percent of all income earned in the U.S. The average federal income tax rate for the group was 18.23 percent, low because 86 of the income was capital gains and taxed at a 15 percent rate. A compelling case could be made that above certain income levels, income from wealth and income from wages should be taxed at the same level, especially on short-term capital gains. Want to do something about it?.... Come to Washington For Two Events on Extreme Inequality
Source: Chuck Collins, Inequality.org, 3.13.08