
I think we've heard this song before.
"Millionaires paid an average tax rate of 22.4 percent in 2009, down by a quarter since 1995, when they paid an average of 30.4 percent."
"And it was a super-boon to mega-millionaires and billionaires. IRS data show that the tax rates of the richest 400 Americans declined from 29.9 percent in 1995 to 18.1 percent in 2008, largely because that exclusive group derives two-thirds of its income from capital gains."
"Despite the fact that their taxes were higher, the 1990s were also a pretty good time for millionaires. The after-tax income of the richest 1 percent of the country grew by 77 percent in real terms during that decade—and it's now double what it was in 1996."
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