For All Those Teabaggers

Remember all those “teabaggers” whining on April 15th?

In 1955, the richest 400 Americans reported an average of $12.3 in income (in 2006 dollars) and paid 51.2% of it in taxes. In 2006, the top 400 averaged $263.3 million in income and paid a mere 17.2% of it in tax.

In 1986, the richest 1% of Americans averaged $507,520 in income (in 2006 dollars) and paid 33.1% of it in taxes. In 2006, the richest 1% averaged $1.3 million in income and paid just 22.8% of in taxes.

Over the past twenty years, the richest 1% of Americans doubled their share of the nation’s income (from 11.3% to 22.1%), but saw their share of the tax burden shrink by one-third.

If taxes on the richest 400 Americans were collected today at the same rate they paid under President Eisenhower, the Treasury would collect $35.9 billion more per year.

If the tax rate on Americans who make more than $2 million per year was restored to the 1955 level, the Treasury would collect another $202 billion per year.

And if the Bush tax cuts on the rich were repealed, lower tax rates for capital gains & dividends were eliminated, a progressive estate tax was enacted, overseas tax havens were ended, a small tax was added to financial transactions, and loopholes on huge executive- compensations was closed – the Treasury would collect another $450 billion per year!

Please share with those tax whiners you know!

Source: Tax Day 2009 – Institute for Policy Studies
Washington, D.C.

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