During the first six years of the administration of President George W. Bush, the 400 richest Americans saw their average income double to $263.3 million, thanks, in part,  to the fact that their tax rate dropped by a third to 17.2%. The biggest gains for the top 400 came as a result of the 2003 cut in the capital gains tax rate to 15%. Capital gains account for 63% of the income for the super-wealthy. In 2006, the richest 400 Americans accounted for 1.31% of the nation’s total income and 1.77% of income taxes paid. President Barack Obama has said that he would eventually like to raise the capital gains rate to 20% for Americans making more than $250,000 a year, while eliminating capital gains taxes for small businesses.