|
$1,000,000 or more |
|
Information on your income group is listed below in Row 1. Information on two other groups is also listed for comparison. Row 2 has the stats on the 240 thousand people who have incomes of $1,000,000 or more. Notice the similarity? Row 3 has the data on the 129 million with incomes between $0 and $1,000,000. |
| Mean | 1976 | 1976-2000 | ||||||
| 2000 |
Percent |
Adjusted | Percent of | 2000 | After-tax | 1976-2000 | Percent of | |
| Row | Income | of all | Gross | Tax Rate | After-tax | Income | After-tax | After-tax |
|
# |
Range | Taxpayers | Income | Decrease | Income | (in 2000 $s) | Income Gain | Income Gain |
|
1 |
$1,000,000 or more |
0.19% |
$3,410,368 |
31.1% |
$2,466,127 |
$356,856 |
$2,109,271 |
591% |
|
2 |
$1,000,000 or more |
0.19% |
$3,410,368 |
31.1% |
$2,466,127 |
$356,856 |
$2,109,271 |
591% |
|
3 |
No AGI to $1,000,000 |
99.81% |
$42,963 |
-7.4% |
$37,121 |
$32,038 |
$5,083 |
16% |
Row 1 is the report card for the 240 thousand-plus filers with adjusted gross incomes of $1 million or more. Your TAX RATE DECREASED by 31.1%. Your income surpassed inflation ($1 in 1976 bought as much as $3 in 2000). Your average AFTER-TAX INCOME INCREASED by $2,109,271, a 591% growth. Most of the tax cut has gone to your group. Those within your group with an income of $5,000,000-plus had their taxes cut by 43.7% and their after-tax income increased by 1200%. Over 71% of Americans had less than $0 after-tax income gain. Giving the bulk of the tax cuts to a tiny fraction of the population amounts to class warfare. |
The productivity gains of the nation, as a whole, have led to an average increase in after-tax income gain of 28%. When we remove those with million-dollar-plus paychecks, the after-tax income gain for everyone else (Row 3) drops to 16%. How did nearly half of the growth of the economy end up in the hands of the top 1/5 of 1%? Row 2 shows that the richest few saw their taxes drop by over 31%. The various tax breaks have allowed these 240 thousand people to SAVE $102 billion in taxes in 1 year, while many Americans paid more than they had under the 1976 rates. |
|
In 1976, the Superrich controlled 3% of the total income. After 20 years of sweetheart tax breaks, your share of the national income has increased to 13%. That amounts to $817 billion of the $6,365 billion year 2000 national paycheck. |
Last year's tax cut and the current proposed legislation will give you, the Superrich, an even greater advantage. You know this can't go on forever. Isn't it time for Congress treat the rest of the taxpayers more fairly? |