For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate fell from almost 30% in 1995 to just under 17% in 2007, according to the IRS. And for the approximately 1.4 million people who make up the top 1% of taxpayers, the effective federal income tax rate dropped from 29% to 23% in 2008. It may seem too fantastic to be true, but the top 400 end up paying a lower rate than the next 1,399,600 or so.
--Jesse Drucker (Bloomberg Businessweek, April 7, 2011)
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