Millionaires Pay 4x As Much As Middle Class In TaxesSubmitted by emalvini on Sat, 11/24/2012 - 22:13
IRS DATA: Millionaires pay 4X as much as Middle class in Taxes
Published: Friday, 23 Nov 2012 | 11:05 AM ET Text Size
By: Robert Frank
CNBC Reporter & Editor
Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America.
This may be individually true. Buffett pays a lower rate than his secretary and Romney pays a lower rate than most of us who make our living from salaries.
But nationally, the tax code is still broadly progressive. The more your make, the more taxes you pay as a percentage of your income.
According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.
Read more: http://www.cnbc.com/id/49939444