There has been a lot of frustration over the massive amount of pay, bonuses and luxuries given to the executives at failing banks which together received hundreds of billions of dollars from the U.S. government. Indeed, it leaves us asking why rich people get bailout money to pay for private jets and unnecessarily lavish Superbowl […]
Monthly Archives: February 2009
Richest Americans’ Income Doubled, Tax Rate Decreased
According to recent IRS data, from 2000 to 2006 the income of the 400 richest Americans doubled, but their tax rate fell by a third to only 17.2 percent. The drop in the tax rate for the richest Americans is due mainly to ex-President Bush’s push to lower the capital gains tax to 15 percent […]