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The average tax rate paid by the richest 400 Americans fell by a third to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million, new IRS data show. The 17.2 percent tax rate in 2006 was the lowest since the IRS began tracking the 400 largest taxpayers in 1992, although the richest 400 Americans paid more tax on an inflation-adjusted basis than any year since 2000.
The drop from 2001’s tax rate of 22.9 percent was due largely to ex-President George W. Bush’s push to cut tax rates on most capital gains to 15 percent in 2003.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Amount that Egypt owes the United States in unpaid parking tickets:
Studies of humankind’s original states—in China, Egypt, the Indus Valley, Mesopotamia, and Peru—suggest that the emergence of bureaucracy catalyzed predatory imperial expansion.
An Egyptian court sentenced former president Mohamed Morsi and 106 Muslim Brotherhood supporters to death for killing and kidnapping police; conspiring with Iran, Hamas, and Hezbollah; participating in a 20,000-man jailbreak; and stealing chickens.
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”