Wednesday, February 24, 2010
A few days ago I wrote about how much the top 400 earners paid in taxes. They pay an average of 17% in case you missed the post.
But that figure is an average, some paid more and some paid less.
Here in Los Angeles, the Dodgers are big news and since the owners are going through a divorce, we are getting a rare view inside the finances of relatively rich people. The McCourts are not in the top 400, not even close. However, they did have an income totaling $108 million from 2004 through 2009, according to documents Jamie McCourt recently filed. I don't think any of us would complain too loudly if we earned the same amount.
It seems that while they were earning over $100 million dollars during this period of time, they paid zero federal and state income tax.
Earning = $108,000,000.00
Taxes = $0.00
Now, no one at this point is saying that they did anything illegal. But there is something really wrong with our tax system that allows someone, or even a couple of someones, to earn that kind of money and pay no taxes.
What it means is that those of us who earn lowly amounts of money each year and pay our taxes are subsidizing the lifestyle of the rich.
And the republicans want to reduce taxes on the rich even more! What is next? If you earn over a certain amount the government will give you MORE money?