THE RICH ARE GETTING RICHER and the IRS just released some data that drives home that point. Below are some eye-popping tidbits on the top 400 individual tax returns based on largest Adjusted Gross Income, according to the IRS.
In 1992, the person ranked 400th on the list had an Adjusted Gross Income of $24.4 million. In 2007, that number rose to $138.8 million (569% increase).
In 1992, the average Adjusted Gross Income for the 400 people on the list was $46.8 million. In 2007, the average rose to $344.8 million (737% increase).
In 1992, the average tax rate for the top 400 was 26.4%. In 2007, the average tax rate was 16.6% (37% decrease).
During the 16 years between 1992 and 2007, the concentration of extreme wealth at the top occurred while the value of wages and personal income for the middle class was stagnant or falling. The George W. Bush tax cuts are obviously hard at work for the ultra-wealthy.