(2003-06-25) — The U.S. Internal Revenue Service (IRS) released a report this week showing that the overall share of the total tax burden paid by the 400 wealthiest Americans is doubling every 13 years.
By about 2075, at that rate, 400 rich people will fund all the operations of the Federal government by themselves, without any help from the rest of us.
The report shows that in 1992, these top earners carried only 1 percent of the U.S. tax burden. But by 2000, their share of tax payments had increased to 1.6 percent. Barring any more Bush administration tax cuts for the wealthy, their share of the tax bill will have doubled by about 2005, and will continue doubling every 13 years until it reaches 100 percent sometime in the 2070s.
The new IRS data on the 400 wealthiest held even more good news. These elite folks will easily be able to pay for all government operations by 2075 because their share of total U.S. income will hit 100 percent sometime around 2045.

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