IRS Data Show Most Millionaires Pay Taxes at Higher Rate Than Middle Class
President Obama and his advisers are presenting the “Buffett Rule” as the cure for an epidemic of millionaire tax scofflaws, but national statistics show millionaires by and large are paying taxes at a much higher rate than middle-class families.
And their income taxes make up a significant portion of the federal budget pie.
Data compiled by the nonpartisan Tax Policy Center show households pulling in more than $1 million pay about 29.1 percent of their income in federal taxes. By contrast, households making between $50,000 and $75,000 pay about 15 percent.