The IRS publishes a review of what the 400 people with the highest adjusted gross income in America pay in taxes each year. The most recent report covers the period from 1992 to 2007. The top 400 made almost 1.6% of all the household income made by individuals in 2007.
The top 400 earners made almost $138 billion in aggregate in 2007. That number was about eight times what it was in 1992. The latest number includes wages, capital gains, interest income, and money from “S” corporations.
The total income tax paid by this wealthy group in 2007? Only $23 billion. The rich do have better accountants than the rest of use.
IRS chart after the page break
Douglas A. McIntyre
