The Least, First

Monte Asbury's blog

Posts Tagged ‘Adjusted Gross Income

400 richest Americans’ incomes doubled under Bush tax cuts; economy collapsed

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clipped from thinkprogress.org
Bloomberg reports that, according to recently released IRS data, “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.” Much of their income came from capital gains resulting from the Bush tax cuts:
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
Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.
blog it
Observe the present economy. Like what you see?

O'Pari Luxury Yacht
Image by yachtfan via Flickr

Certainly the tide has risen for the very wealthy: their fortunes have doubled. But has this “rising tide” lifted “all boats?” Has trickle-down affected your income? Can we say that business has been stimulated?

Perhaps it’s a good time to wonder why tax cuts for the rich did not result in national prosperity as promised.

Mired on the shore in our jonboats, most of us look on as the yachts head for the open sea.


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Written by Monte

January 31, 2009 at 12:39 pm