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:: 6.26.2003 ::
...and still more good news. Len Burman, co-director of the Urban-Brookings Tax Policy Center, said the reports on non-payers and the 400 highest income filers were related, in that they showed the role of capital gains in reducing taxes.
Of $69.57 billion in adjusted gross income reported by the top 400 filers in 2000, about $44.53 billion was made through capital gains, Burman said
"Capital gains is the linchpin of every tax shelter I know of, except for municipal bonds," he said.
Capital gains are generally taxed at a lower rate than wages for all but low-income taxpayers. With the tax package passed in May, the rate will fall to 15 percent. Oh goody. On top of that, the rich are getting richer at a faster rate than their share of the total tax burden.
A) "Had President Bush's latest tax cuts been in effect in 2000, the amount of taxes paid by the wealthiest Americans would have dropped an additional 20 percent, according to analysis by the New York Times."
B) The biggest source of income for the wealthiest Americans is - you guessed it - capital gains, at 64%, versus the runner-up, salaries and wages at 16.7%.
:: Deb 12:56 PM :: permalink ::
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