Wednesday, April 20, 2011

Only Little People Pay Taxes


Why a janitor ends up with a higher tax rate than a millionaire, and seven more charts that show how the richest Americans beat the IRS. 

— By Dave Gilson, Plutocracy Now, April 18, 2011

“We don’t pay taxes. Only the little people pay taxes,” billionaire hotelier Leona Helmsley famously (and allegedly) sniffed. She wasn’t entirely correct: The superrich do still pay taxes. The wealthiest 1 percent of taxpayers pay 32 percent of all income tax collected by the federal government.

But the superrich don’t pay as much as they used to—and thanks to a combination of tax cuts and preferential tax policies, their tax obligations can be less demanding than the so-called little people’s. In fact, the very wealthiest Americans’ tax burden has been steadily dropping for years, even as they’ve enjoyed astounding income growth not seen by the vast majority of Americans.

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