How Much Tax Do The Rich Actually Pay?May 31, 2011 1:35 pm
We had spotted a stat some time back on billionaire hedge fund manager John Paulson’s taxes – how he paid zero taxes on billions of dollars of income. We spotted this today:
” The average federal income tax rate on the 400 richest people in America was 18.11 percent in 2008, according to the Internal Revenue Service, down from 26.38 percent when these data were first calculated in 1992.
Among the top 400, 7.5 percent had an average tax rate of less than 10 percent, 25 percent paid between 10 and 15 percent, and 28 percent paid between 15 and 20 percent.”
Statistics Source: Economix NYTimes