Jen Talley writes on March 7, 2011 on NakedLaw:
“Some of the richest people in the country pay the least, relatively speaking, in taxes. How is this possible? Answer: Through the clever manipulation of the U.S. tax code’s loopholes. And it works: as income rises, effective tax rates rise as well, but only up to a point. IRS data shows that the effective income tax rate flattens out at just over 24 percent for those making over a million dollars. As income exceeds $1.5 million, the rate begins to decline; those with incomes above $10 million pay an average income tax rate of around 19 percent. So, how do they do it?”
America needs a economic growth plan that incentivizes growth while simultaneously broadening private, individual ownership of future productive capital assets, which will long-term result in “real” job growth, significantly lower aggregate tax rates for ALL Americans, and put us on the path to prosperity, opportunity, and economic justice.
http://nakedlaw.avvo.com/2011/03/5-sneaky-ways-the-super-rich-avoid-taxes/
