Appalling Greed: Richest 400 Americans Make Average Of $270.5 Million, Pay Almost No Taxes

[ChoppinBroccoli]

http://www.alternet.org/economy/150956/appalling_greed:_richest_400_average_$270.5_million_incomes,_pay_almost_nothing_in_taxes/

[Fridays Child]

1. Is there a list of names?

I want to see if I'm related to any of them. :P

[w8liftinglady]

2. here ya go- can I have a finder's fee? I'll take one million

http://www.forbes.com/wealth/forbes-400

[Fridays Child]

5. Hey, that list only goes to 385.

What if my people are in the bottom 15?

[hfojvt]

3. nice article, but I don't like the title

for one thing, they don't use my label - the Fab 400 http://journals.democraticunderground.com/hfojvt/123

For another thing, the tax rate for the Fab 400 is actually higher in 2008 than it was in 2007. Also, they pay an average of $45 million in Federal Income Taxes. That is a long ways away from "almost nothing".

Also, it might be nice to point out that those 400 saved over $11 billion* from the extension of the Bush tax cuts last December and compare that $11 billion to some of the cuts the Republicans made.


*11 billion comes from

average income $275 million X 51% of income from capital gains X 20% they save in taxes because capital gains are taxed at 15% rather than 35% X 400


The same would be true of their dividend income. And the so-called "Ryan deficit reduction plan" includes a proposal to cut the tax on capital gains and dividends to ZERO, which would save the Fab 400 even more.

[originalpckelly]

6. The effective taxation rate, on average, would be about 16%...

There are people making $90,000 a year who pay a higher percentage of their income than that.

[originalpckelly]

8. After having done the math, it's 6% higher on regular income taxes for the person at $90,000...

plus you have to factor in the payroll taxes too.

So in other words, even though someone making $90,000 is making a shitload less than $270,000,000, they are paying a higher taxation rate, if they are single and don't take any exemptions.

[Hotler]

4. Stop bashing the rich.

I'm going to become rich any day now.

[L0oniX]

7. Yes but are they bullit proof? ...or immune to a guillotine? Do they like cake too?

[kestrel91316]

9. They should be paying, at the very least, the same percentage of

their income in taxes as the average paid by the remainder of Americans.

Frankly, if I ran things they would pay what they paid back in the good old days under Eisenhower. Their top tier of income was taxed at 90% wasn't it? Not their total income, but the top tier.
I happen to think the first, say, $40k of ANYONE'S income should not be subject to income tax - but obscene amounts need to be highly taxed.

[jwirr]

10. Interesting - looks like a bunch of old white guys mostly. Now I want

to see that list with a list of their charitable giving beside it.