On four decades of tax and wealth creation in the U.S.
The average income for the top 400 taxpayers rose over the 45 years from $13.7 million to $263.3 million. That is 19.3 times more. The income tax bill went up too, but only 7.8 times as much because tax rates plunged. Income tax rates at the top fell 60 percent.
(Click here for a more detailed table.) Citizens for Tax Justice has more on the top 100 here, including the remarkable fact that the 400 richest income tax filers paid just 17.2 percent of their adjusted gross income (AGI) in federal income taxes.
And the story for those at the bottom?
"In 2006 dollars, the average income of the bottom 90 percent grew from $22,366 in 1961 to $31,642 in 2006. That is a real increase of $9,276 in average income. But it was also after 45 years, longer than the careers of most workers."
Not only that, but inflation-adjusted GDP grew by 227% -- and families worked 45% longer hours than they did in 1961.