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In its annual tax analysis for 2000, the IRS reported that the top 400 taxpayers—only 0.00014 percent of the population—now take in more than 1 percent of the total income of all taxpayers. Meantime, their tax payments plummeted, mostly due to substantial reductions in capital gains tax rates.
In 2000, the average annual income of the top 400 increased to $174 million, while the average income for the bottom 90 percent was $27,000. Even the Wall Street Journal calls it "so much money in so few hands ... a startling accumulation of wealth at the very top of the income pyramid." The "income gap," wrote the Journal, is becoming a "vast chasm."