Three stunning facts, from this new report published by the Institute for Policy Studies: “Reversing the Great Tax Shift: Seven Steps to Finance Our Recovery Fairly.”
* America’s top 400 taxpayers in 1955 paid three times more of their income in taxes than the top 400 of 2006, the most recent year with IRS data available.
* If the most affluent 400 of 2006 had paid as much of their incomes in taxes as the top 400 in 1955, the federal treasury would have collected an additional $35.9 billion more in revenue in 2006 – just from these 400 ultra-rich individuals.
* The 139,000 U.S. taxpayers who made over $2 million in 2006 averaged $5.9 million in income. If these individuals had paid taxes at the same rate as their 1955 counterparts, the federal treasury would have collected, in 2006, an additional $202 billion.
The report offers proposals that would raise $450 billion of revenue to support economic recovery.