Summary
According to the Internal Revenue Service, some 13,142 taxpayers with incomes of more than $200,000 reported owing no income tax at all in 2007, the most recent year with data. According to economists Emmanuel Saez and Thomas Piketty, the actual tax burden on the wealthy is the lowest it's ever been. tax rate has been plunging for years; in 1995, the effective tax rate for the wealthy was 41 percent, a levy no one has dared suggest matching today.
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In the Loophole
Don't tax the rich. Jesus, don't tax the rich. They're making the economy go, they're investing, they're job-creating. So goes the refrain of Republicans, lobbyists, and other supporters of the Bush tax cuts for the wealthy, which will terminate automatically at the end of the year if Congress doesn't bestir itself. When the cut...
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