From ‘Wealthy’ To ‘Super Wealthy’, Income Tax Rate Goes DOWN

June 4, 2015 12:18 pm

We had spotted several stats on the rich and income taxes – We spotted this stat today:

“But new data out this spring from the IRS gives us a closer look of how the income tax works at the pinnacle of the income distribution — not just the top 1 percent, or even the top 0.1 percent, but among the rarified realm of the 0.01 and even the 0.001 percent. Those latter two categories are new in the IRS report this year, reflecting a growing public interest in the ultra-wealthy and their effects on the economy.

The IRS found that as you go from being merely wealthy (the 1 percent) to super-duper wealthy (the 0.001 percent), your average federal income tax rate actually goes down.”

Source

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1 Comment for “From ‘Wealthy’ To ‘Super Wealthy’, Income Tax Rate Goes DOWN”

  1. The obvious problem with this analysis is that while capital gains are taxed at a lower individual rate, one receives capital gains after a company has already been taxed, meaning the overall tax for the income is still higher (even if reflected on corporate tax returns instead of just individual income tax returns).

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