**This a portion of an article originally published at www.bloomberg.com
Richest Americans’ Income Doubled, Tax Rate Slashed Under Bush
By Ryan J. Donmoyer
Jan. 30 (Bloomberg) – “The average tax rate paid by the richest 400 Americans fell by a third to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million, new IRS data show.
The 17.2 percent tax rate in 2006 was the lowest since the IRS began tracking the 400 largest taxpayers in 1992. The drop from 2001’s tax rate of 22.9 percent was due largely to ex- President George W. Bush’s push to cut tax rates on most capital gains to 15 percent in 2003.
Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.”
Do a “4thought” on this article:
• Pre reading associations: What do I think that I know about the tax rate of the wealthiest Americans?
• Divide your paper (could use back of one of your sheets) into 4 SQUARES OR PARTS
o What surprised you that you didn’t already know? Any thing that you found “weird”?
o Are there any comparisons, similarities, contrasts that jump out at you?
ß (or use compare/contrast, prove, or cause/effect
o Is the United States as “fair” or “equal” as you presumed?
o What would be the reasons? Any changes you’d propose?
Any questions that this information leaves you with?
You may read the entire article at:http://www.bloomberg.com/apps/news?pid=20601103&sid=ar5uxG_wV87A&refer=us
