Taxes on the highest-earning Americans soared in 2013 as new taxes on income and investments implemented by the Obama administration came into effect, the Internal Revenue Service reported Wednesday.

In a report on 400 income tax returns showing the largest incomes, updated for 2013, the IRS reported that the group faced an average tax rate of 22.89 percent, the highest since 1997.

The 2013 rate paid by the highest earners was a major jump from the year before. In 2012, the average tax rate for the 400 top earners was 16.72 percent, although that rate was likely artificially low because of families shifting income and capital gains into 2012 to avoid new higher taxes in subsequent years.

Read the article “Taxes on Richest Americans Soared in 2013” on washingtonexaminer.com.