Key Statistics From Warren Buffet’s NYTimes Op-EdAugust 17, 2011 2:52 am
We spotted these today:
1. Last year about 80 percent of Government revenues came from personal income taxes and payroll taxes.
2. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot.
3. In 1992, the top 400 Americans by income, had an aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.
4. In fact, 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains.
5. There were 236,883 households in 2009 that made more than $1 million
6. There were 8,274 households in 2009 that made $10 million or more
Statistics Source: NYTimes
We have written about the number of millionaires in the world.