Thread: 400 richest averaged $345M in '07 income, 16% tax rate

Feb 18, 2010

IRS: 400 richest averaged $345M in '07 income, 16% tax rate

06:54 PM

On a day when the Internal Revenue Service came under literal attack, the agency reports that the nation's 400 highest-earning households reported an average income of $345 million in 2007 — up 31% from 2006 — and that their average tax bill fell to a 15-year low.

Bloomberg writes that the elite 400's average income more than doubled that year from $131.1 million in 2001, the year Congress adopted tax cuts urged by then-President George W. Bush.

Each household in the top 400 of earners paid an average tax rate of 16.6 percent, the lowest since the agency began tracking the data in 1992, the Internal Revenue Service statistics show. The top 400 paid $23 billion in taxes in 2007, up from $18 billion a year earlier, and a bigger amount than any year since 1992.

Their average effective tax rate was about half the 29.4 percent in 1993, the first year of President Bill Clinton's administration, when taxes were increased. The top 400 earners reported an average of $46 million of income that year. ..

The top 400 earners received a total $138 billion in 2007, up from $105.3 billion a year earlier. On an inflation-adjusted basis, their average income grew almost fivefold since 1992, the data show. The data doesn't disclose the identities of the top 400 taxpayers, and the people on the list change from year to year as their incomes rise and fall. Some 6,400 households have been included in the top 400 since the IRS began tracking their incomes 16 years ago. ...

Almost three-quarters of the highest earners' income was in capital gains and dividends taxed at a 15 percent rate set as part of Bush-backed tax cuts in 2003, the statistics show. Of the 400 earners, 289 paid a total effective federal tax rate of 20 percent or less in 2007, the last year for which figures were available, the data show. ..

To be included among the fortunate 400, the IRS says, a household had to earn at least $143 million.

http://content.usatoday.com/communities ... tax-rate/1

$35 million home hits Laguna Beach market

February 18th, 2010, 11:44 am
by KELLI HART,
THE ORANGE COUNTY REGISTER

A home just hit the market in South Laguna priced at $35 million – tying for the priciest home in Laguna Beach with an Emerald Bay home.

This is also tied for the second-priciest home in the county.

Located at 31887 Circle Drive, the home has 2 bedrooms, 2.5 bathrooms and killer ocean views.

The listing description touts:

“Tucked away down a quiet private drive, a turnkey pied a’ terre is tastefully terraced down Laguna’s premiere promontory, ideally perched above California’s trophy beach. Top agents proclaim, ‘Best view in Laguna, ‘ ‘Work of art, ‘ ‘Most desirable spot over the most picturesque beach. ‘ Perfect height, angle & orientation directly above the wavebreak on both sides of a landmark point! Sitdown views into wave tubes from street side of house. 270+ panorama: rugged outcroppings, geyser-like rocksplash, caves, tidepools, swiss funiculars, striking topographical & architectural diversity. Grandfathered forward position on promontory, walls of angled & reflective glass, simply a garage door & gate visible from Street: unmatched privacy compliments world class views…â€

Pass the FairTax, End the Madness

www.fairtax.org

"$345M income, 16% tax rate"

They just paid more tax in one year than I'll pay in my entire lifetime.

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Originally Posted by JohnDoe2

"$345M income, 16% tax rate"

They just paid more tax in one year than I'll pay in my entire lifetime.

Exactly. Yet they're the ones who provide the capital investment to create our jobs, pay for our work places, purchase production equipment and underwrite operating capital for new and expanding businesses to make their payrolls and pay their bills during the start-up and expansion years. Lots of risk. They win some and they lose some. When they lose, we lose. When they win, we win. If we had the FairTax, the more everyone would have especially ordinary Americans to build wealth portfolios of their own that show gains and even produce investment income like rents and dividends to supplement their working incomes and build for retirement.

The more tax the ultra rich pay the less tax the middle class has to pay.

Originally Posted by JohnDoe2

The more tax the ultra rich pay the less tax the middle class has to pay.

Really?! How does that work? Oh wait I know! They pay you less in earnings, hire illegal aliens or move their operations offshore, so they can more ultra rich tax to their PayPals in the Government. Gotcha. Carry on.

Originally Posted by Judy

Originally Posted by JohnDoe2

The more tax the ultra rich pay the less tax the middle class has to pay.

Really?! How does that work? Oh wait I know! They pay you less in earnings, hire illegal aliens or move their operations offshore, so they can more ultra rich tax to their PayPals in the Government. Gotcha. Carry on.

No.

It takes x number of dollars to run the country.

The more of the x the rich pay, the less of the x the middle class has to pay.

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