Saturday, July 03, 2004

Seem fair?

What is your effective tax rate? Above 20%? 25%? Remember the following next April:
In 2000, the 400 taxpayers with the highest adjusted gross incomes reported over 1 percent of all income reported to the IRS that year. Their average tax rate was 22.3 percent. If the Bush tax cuts of 2002 and 2003 had been in effect, their tax rate would have declined to 17.5 percent, with an average savings of $8.3 million. These taxpayers are the biggest beneficiaries of these tax cuts. To make the top 400 in 2000, a taxpayer needed taxable income of $86.8 million.
Sources:
New York Times, 26 June 2003;
IRS report, June 2003.
(Thanks to Bear Left!)

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