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7 Things You Didn’t Know About The Ultra Rich


7 Things You Didn’t Know About The Ultra Rich

Scott Klinger

Each year, the Internal Revenue Service (IRS) publishes data on the collective income of the 400 taxpayers who report the most income on their tax returns.

At the end of December, the IRS released cumulative data for the top 400 for the tax year 2013. The delay in reporting is because tax returns can be audited and amended for three years past the filing deadline.


There are so many things fundamentally wrong with the tax structure that it's hard to know where to start.

But one point is, that instead of non-work income ("investment" income) being taxed at a lower rate than income from work, it should be taxed at a higher rate.


As I've learned from reading "Dark Money," by Jane Mayer, entities like the Koch Brothers can deduct the huge sums they give to Think Tanks under the category of "charitable giving." They set up foundations who do this using all sorts of would-be felonious constructs, were our so-called Democracy not morphed into a government of, for, and by the 1% and its paymasters.


That is one of the more glaring, if little known, inequities of tax law. A related inequity is that these organizations to suport big business often don't pay property tax and get many other subsidies.