Jan 18, 2016
The top 400 income earners in the U.S. saw the percentage they pay in federal income tax drop from over 29 per cent in 1993 to under 17 per cent in 2012, according to the IRS. These are people whose average income for the year 2012 alone was a mere 336 million dollars!
The federal income tax is one of the few taxes that falls on the wealthy at a higher rate than those with lower incomes. Even under this so-called “progressive tax,” these greedy gluttons saw their tax rates drop steadily through eight years under Bill Clinton, eight years under George W. Bush and four years under Barack Obama.
The two parties compete with each other: who can give the wealthy classes the biggest deal!