The IRS reported today that in 2007, incomes more than doubled for Americans. Well, 400 of them.

The 400 top tax returns, not wage earners, had average incomes of $345 million in 2007, up more than 260% from 2001. In 2001, they only made $131 million and had to pay an average tax rate of 29%.

Those were hard times.

In 2007, the average tax rate for this group was 17% and total earnings were $138 billion dollars.

Just food for thought as we approach April 15. Are you willing to pay 17% in federal taxes on earnings of $180,000 per hour? Or do you want to pay the Atlanta average of 18% on the average income of $33,000 per year?

That’s just an example of a regressive tax where 80% of the population pays a higher average tax. By the way, in 2007, if you were married and had taxable income of $64,000 dollars, you were in the 25% tax bracket.

You can thank a Republican for your share of the Bush Tax Cuts.

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