rightwinger
Award Winning USMB Paid Messageboard Poster
- Aug 4, 2009
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They live in a different world..play by different rules
Why the shape of inequality matters
This is an intensely rarified community, where the income threshold for entrance is roughly $100 million annually. The article digs into an entire industry of lawyers, accountants, and lobbyists that has grown up around this small population, devoted to altering tax policy, exploiting byzantine loopholes, and negotiating with the Internal Revenue Service (IRS) on behalf of their clients, creating what amounts to a parallel tax system for the super wealthy. As a result, over the last two decades, the portion of their income those 400 pay in taxes dropped from 27 percent to 17 percent — just a hair higher than what families making $100,000 pay.
Why the shape of inequality matters
This is an intensely rarified community, where the income threshold for entrance is roughly $100 million annually. The article digs into an entire industry of lawyers, accountants, and lobbyists that has grown up around this small population, devoted to altering tax policy, exploiting byzantine loopholes, and negotiating with the Internal Revenue Service (IRS) on behalf of their clients, creating what amounts to a parallel tax system for the super wealthy. As a result, over the last two decades, the portion of their income those 400 pay in taxes dropped from 27 percent to 17 percent — just a hair higher than what families making $100,000 pay.