Incomes of “elite” at record high as their tax rate drops to record low
Business, PoliticsMar 8, 2011Source: Carl Herman, Examiner.com
Pulitzer Prize-winning journalist and best-selling author, David Cay Johnston (click link for his blog, article at this link) writes:
“The incomes of the top 400 American households soared to a new record high in dollars and as a share of all income in 2007, while the income tax rates they paid fell to a record low, newly disclosed tax data show.In 2007 the top 400 taxpayers had an average income of $344.8 million, up 31 percent from their average $263.3 million income in 2006, according to figures in a report that the IRS posted to its Web site without announcement that were discovered February 16. (For the report, see Tax Analysts Doc 2010-3372 .)”
This disturbing fact, however, is less-important than the documentation of the economic crimes taking trillions from Americans and calling for a turn-around (yes, a revolution) of political management under the law.
