Fortunate 400: More Income, Less Taxing

Today's Wealth Report at wsj.com tells us that the 400 Americans with the highest incomes have gained a greater share of all personal income. Thanks to the Bush tax cuts, the Fortunate 400 are also keeping more of their earnings and gains:

The IRS report shows that the Fortunate 400 now control 1.15% of the nation’s income — twice the share they controlled in 1995. Over the same period, however, the average income tax paid by this same group has fallen from 30% to 18%. That’s due mainly to the Bush tax cuts.

Many argue that the super-rich pay a disproportionately high share of taxes. And that’s true to a degree, according to the report. The Fortunate 400 paid 1.67% of the nation’s total income tax bill, even though they account for 1.15% of the income.