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Looking at federal income taxes alone, the JCT staff found that the over $1 million club faces effective income tax rates of a little over 24 percent — hardly the punitive rates implied in Golub’s Op-Ed piece. And when one gets to the superrich, effective federal income tax rates actually decline further, because so much of their income is taxed as long-term capital gain, at a 15 percent rate. The IRS publishes data annually on the 400 highest-income tax returns for the year. For 2008 (the most recent year), their effective federal income tax rate was only 18.1 percent. If one measured their tax liabilities against their true economic income (including items like tax-exempt municipal bond income and capital gains not yet harvested through a sale), that rate would decline still further.
via Edward D. Kleinbard: Rich Man Whining.
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