The Top 400 Taxpayers Don’t Pay Much Taxes
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…
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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
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
