Number Of High-Income Households Paying No Income Taxes Almost Doubled Between 2007 and 2008

As Republicans are already launching a fight to extend the Bush era tax cuts for the wealthy, an IRS study released today reports that the number of people with yearly incomes over $200,000 who paid no federal income taxes almost doubled between 2007 and 2008, which is the most recent data available. The tax breaks must be working for some; already the wealthiest 400 Americans hold more of the nation’s net worth than the bottom 50 percent of earners combined.

Sarah Bufkin