Tax Rates For America's Top 400 Earners Fell As Income Soared In 2007, According To IRS

The earnings of the 400 highest-income Americans hit new highs in 2007 while the tax rates they paid hit new lows, according to a recent IRS report.

Former New York Times tax reporter David Cay Johnston reported the findings of the newly uncovered report for Tax Analysts:

In 2007 the top 400 taxpayers had an average income of $344.8 million, up 31 percent from their average $263.3 million income in 2006, according to figures in a report that the IRS posted to its Web site without announcement that were discovered February 16.

Bloomberg noted that the wealthy's low tax rate can be directly attributed to the George W. Bush tax cuts. Bloomberg:


rest at http://www.huffingtonpost.com/2010/02/17/tax-rates-for-americas-to_n_466480.html