17 April 2011

Some tax season reflections

Two facts to ponder:

1. The latest reduction in government spending hashed out with much fanfare is just about completely offset by growth (yes, growth!) in military spending.

2. The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992 [link to news story]. Yet, the Republicans and the Republican Lite Party (formerly known as the Democrats) have vowed to give the wealthy ever-more generous breaks.

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