Report: A quarter of U.S. millionaires pay taxes at a lower rate than some in middle class

[one...two...tree 2,762]

A quarter of millionaires in the United States pay a smaller share of their income in federal taxes than many middle-class families, according to a new congressional analysis that offers fresh support for President Obama’s push to raise taxes on the nation’s wealthiest households.

The report, by the nonpartisan Congressional Research Service, found that when all federal taxes are taken into account — including those on wages, investment income and corporate profits — some households earning more than $1 million a year paid as little as 24 percent of their income to the Internal Revenue Service in 2006.

That’s substantially less than the share paid by many families making less than $100,000 a year that faced a top effective tax rate exceeding 26.5 percent, the report said.

All told, 94,500 millionaires paid a smaller share of their income in taxes than 10 million households with moderate incomes, the report found.

“Most Americans think millionaires ought to be paying a higher rate than middle-class taxpayers, not a lower one,” said Sen. Charles E. Schumer (D-N.Y.), who has long urged policymakers to raise taxes on the wealthiest households. “This report increases the momentum for our proposal to ensure millionaires pay their fair share.”

The report offers the first government analysis of federal tax data since billionaire investor Warren Buffett, a former Washington Post Co. board member, complained that he pays a lower tax rate than the 20 employees in his office, who earn much less than he does. After Buffett wrote an op-ed in the New York Times, Obama argued that policymakers should overhaul the tax code to ensure that millionaires pay at least as large a share of their income in taxes as middle-class families do, a principle the president dubbed “the Buffett Rule.”

http://www.washingtonpost.com/business/economy/report-one-in-four-millionaires-pays-less-in-taxes-than-the-middle-class/2011/10/12/gIQAh8XNfL_print.html

[^_^ 5,021]

Quit yer whinin', hippy boy!

[I AM NOT THAT GUY 5,715]

25% pay less than some. Boy, that is a startling statistic!

[one...two...tree 2,762]

Quit yer whinin', hippy boy!

Don't make me sh!t on your car door.

[^_^ 5,021]

Don't make me sh!t on your car door.

Defecation is natural. Everyone does it. I am pleased to see you refuse to be bound by silly social mores that demand one defecate in something called a toilet.

[one...two...tree 2,762]

Defecation is natural. Everyone does it. I am pleased to see you refuse to be bound by silly social mores that demand one defecate in something called a toilet.

When you gotta go, you gotta go.

[mawilson 2,133]

25% pay less than some. Boy, that is a startling statistic!