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National and Global, United States

Tuesday, February 23, 2010

You Can Get By on the Old Man's Money....

"You're a rich girl and it's gone too far
'Cause you know it don't matter anyway
Say money, money wont get you too far, get you too far..." Hall and Oates

THE RICH ARE GETTING RICHER and the IRS just released some data that drives home that point. Below are some eye-popping tidbits on the top 400 individual tax returns based on largest Adjusted Gross Income, according to the IRS.

· In 1992, the person ranked 400th on the list had an Adjusted Gross Income of $24.4 million. In 2007, that number rose to $138.8 million.

· In 1992, the average Adjusted Gross Income for the 400 people on the list was $46.8 million. In 2007, the average rose to $344.8 million.

· In 1992, the top 400 paid 1.0% of the country's total income taxes. In 2007, they paid 2.1% of the total.

· In 1992, the average tax rate for the top 400 was 26.4%. In 2007, the average tax rate was 16.6%.

· During the 16 years between 1992 and 2007, a select group of 3,472 different people made the top 400 list at least once. And, out of those 3,472 people, 72% appeared on the list only once. At the other end, 7 extremely wealthy people made the top 400 list every one of those 16 years! Don't ask who they are.
The IRS will not tell you.

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