Based upon the most recent IRS data from tax year 2007, the 400 filers with the highest Adjusted Gross Incomes (AGI) paid 2% of all federal income taxes.
To be in this group, filers needed to have an AGI of at least $138,815,000. Over 65% of their AGI was derived
from long-term capital gains that are only taxed at 15%. Apparently, many of these gains were from one-time events, such as selling a firm. That would explain why only 15% of the folks who’ve made the list over the past 16 years have done so more than twice.