A Good Time To Be Rich

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A GOOD TIME TO BE RICH….Here’s the latest 2006 income data for the Fortunate 400:

The nation’s top 400 taxpayers made more than $263 million on average in 2006, as the stock market was rallying, but paid income taxes at the lowest rate in the 15 years that the Internal Revenue Service has tracked such data, according to figures released Thursday.

….In constant dollars, the average income of the top 400 taxpayers nearly quadrupled from 1992….Meanwhile, the group’s average income tax rate [] fell to 17.2% in 2006 from 18.2% the prior year. That’s down from a high of 29.9% in 1995.

Just for the record, my federal income tax rate is higher than 17.2%. And yours, probably. So maybe the quarter billionaire crowd can afford a wee bit more too?

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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