Sunday, August 19, 2012
The Great Tax Heist
The Great Tax Heist.
In 1995 the richest Americans- the four hundred households with the highest incomes- paid 51.2 percent of their income in federal taxes.
In 2007, on the eve of the global financial meltdown, the four hundred richest Americans paid 16.6 percent of their income in federal taxes….
When Ronald Reagan took office in 1981, the top tax rate on salaries and wages was 50 per cent; today it is 35 percent. The tax rate on unearned income- dividends and interest for example- was 70 percent. In 2012 it was 15 percent. The maximum tax rate on income from capital gains was 28 percent in 1980; in 2012 it was 15 percent….
Beyond the top 400, a whopping 18,783 individuals and families with incomes of more than $200,000 paid not one cent in federal income tax for 2008. “
Barlett and Steele, The Betrayal of the American Dream. 2012.