Chart of the day

Posted: 8 September 2012 in Uncategorized
Tags: , ,

As David Cay Johnston explains,

The tiny group of 8,274 taxpayers who made more than $10 million in 2009, and collectively reported 3.1 percent of all the adjusted gross income that year, would pay on average $687,500 more if the permanent Clinton rates return.

That is 2.4 percent of their average $29 million adjusted gross income.

The reason the increase is not 4.6 percentage points (the difference between 35 and 39.6) is that only about half of their money is ordinary income, while much of it is long-term capital gains and qualified dividends taxed at 15 percent.

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