A couple of charts from the IRS on the state of America’s 400 richest households. Here’s the average income and average tax of the luckiest of duckies:
And here’s how the average tax rate has evolved:
As is well-known, the Top 400 are considerably more talented than the rest of us. And this decline in their tax rates has created exciting new incentives for them to apply their talents. And that, in turn, is why the 2000s were a so much more economically successful decade than the 1990s, not just for the Top 400 but for the rest of us as well. Thanks to their skyrocketing incomes and falling tax rates, we’re currently all enjoying the fruits of prosperity, rapid growth, and low unemployment. Thanks rich guys!
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