Thursday, December 31, 2015
On Tuesday, the New York Times published a front page article on How The Ultra Wealthy Buy Tax Policy, which contained this statement:
Two decades ago, when Bill Clinton was elected president, the 400 highest-earning taxpayers in America paid nearly 27 percent of their income in federal taxes, according to I.R.S. data. By 2012, when President Obama was re-elected, that figure had fallen to less than 17 percent, which is just slightly more than the typical family making $100,000 annually, when payroll taxes are included for both groups.
On Wednesday, the IRS released updated data showing that in 2013 the Top 400 taxpayers bore the highest tax rate since 1997:
Wall Street Journal, Tax Rate for Top 400 U.S. Taxpayers Climbed in 2013: Obama Administration Policies Reversed a Decadeslong Trend Toward Lower Tax Burdens for Wealthiest Americans:
The top 400 U.S. taxpayers in 2013 faced their highest average tax rate since the 1990s, the result of policies implemented by the Obama administration that reversed a decadeslong trend toward lower tax burdens for the wealthiest Americans.
The 400 households represent the upper stratum of American wealth, requiring income of $100 million in one year to crack the bottom of the list in the latest figures.