Thursday, June 26, 2003

Sweets To The Sweet, Riches To The Richest

Thank God and President Bush for those tax cuts.

The nation's richest people paid a lower proportion of their income in federal taxes last year than in 1992, new government figures show.


Over the nine-year period, the minimum adjusted gross income to get on the top 400 list more than tripled, from $24.4 million to $86.8 million.

In 2000, the 400 paid 22.3% of their income to federal income taxes, down from 26.4% in 1992.

The richest 400 made 1.09% of U.S. income in 2000, more than double the percentage in 1992, when they accounted for just 0.52%, the IRS said.

FDR would be floored; so would his cousin, Teddy; so would Harry Truman; so would President Eisenhower; so would JFK and LBJ and my guest, make your own list.