The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.
Over the same period, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent.
Exxon, IBM, and General Electric paid NO TAXES last year, plus they got many millions of dollars in refunds.
Most corporations have moved their manufacturing facilities overseas to avoid having to pay taxes.
Republicans cling to the notion of Reaganomics, which even Alan Greenspan had to finally admit, was WRONG.
Giving tremendous financial breaks to the richest people and corporations does NOTHING good for the rest of us. There is no "trickle down." The rich just get richer.