"One less-noticed finding in the report is that the super rich have been paying smaller and smaller portions of their incomes to taxes."
Imagine you are number 400. You probably have hundreds of millions of dollars, if not close to $1 billion. How did you get that money? Income or investment? If I examined your tax returns, I would come to a similar conclusion as the article–you give more cash to the government via capital gains and less through income. Duh.
Now you are back to being you, with no money. How many jobs do you know pay wages that would get you $1 billion dollars? Not many. Many CEOs of the largest U.S. corporations aren't even on the 400 list. For instance, Jeff Immelt makes $3.3 million a year in wages. Even if you add his stock options to his salary, he is not on the 400 list, and Jeff Immelt is the CEO of General Electric. Lloyd Blankfein isn't on the 400 list and he is CEO of despised Goldman Sachs.
Some of the 400 richest people in America include: Sergey Brin (Google founder, owns a lot of stock) – $15.3 billion, Leon Black (founder of the $14.8 billion private equity fund) – $2 billion, Sam Wyly (private equity) – $970 billion...and others on Forbes 400 richest list.
The majority of the 400 list don’t get paid income for work like you and I work because the 400 club grows their money through investment which is taxed as capital gains.
Some of the 400 richest people in America include: Sergey Brin (Google founder, owns a lot of stock) – $15.3 billion, Leon Black (founder of the $14.8 billion private equity fund) – $2 billion, Sam Wyly (private equity) – $970 billion...and others on Forbes 400 richest list.
The majority of the 400 list don’t get paid income for work like you and I work because the 400 club grows their money through investment which is taxed as capital gains.
For those that say the rich don't pay their fair share, don't use this data to justify it.
Truth be told that the top 10% of America’s income earners pay 70% of all federal taxes…up from 56% in 1987. http://www.taxfoundation.org/publications/show/23408.html
Rather than blame rich, successful people that create businesses which create jobs, blame the real problem with government--government spending. The problem is spending, not taxing. We all pay too much in taxes and the cost of doing so should be much much lower for the benefits received.
Truth be told that the top 10% of America’s income earners pay 70% of all federal taxes…up from 56% in 1987. http://www.taxfoundation.org/publications/show/23408.html
Rather than blame rich, successful people that create businesses which create jobs, blame the real problem with government--government spending. The problem is spending, not taxing. We all pay too much in taxes and the cost of doing so should be much much lower for the benefits received.
Appreciate your thoughts. It's obviously a delicate issue, but I agree that spending could at least be used more efficiently / effectively. I don't like being taxed (who does???) but I would be happier about the spending it if it looked like my tax dollars were being used in better ways.
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