1 in 4 U.S. millionaires pay taxes at a lower rate than some in middle class

[azmouse]

I'm not at all surprised by this report.

Quote: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.

*snip*

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.”

*snip*

Congressional Republicans have attacked the Buffett Rule, as well as the idea for a surtax on millionaires, as “class warfare.” They argue that raising taxes on millionaires would penalize many small businesses, the primary engine of U.S. job growth. They also oppose raising taxes on investment income, arguing that doing so would discourage savings and risk-taking.

The CRS report offers a withering rebuttal to both claims. Just 1 percent of tax returns with business income have adjusted gross income of more than $1 million a year, the report says, and those businesses are some of the least likely to create jobs.

[Ikonoklast]

Taxes on wages should always be lower than taxes on Capital.

A person who earns their living sweating pays more than a person cashing the check from a trust fund.

[Cha]

Yeah, Class Warfare that the republicons started and President Obama who is a warrior for the middle class and the poor is going to finish it. At least he's going to strenghten us..it will probably never be finished as long as there are billionaries like KOCHEADS who want to run the USA like Mussolini.

[NJMaverick]

disgusting but true. Another sign the wealthy are winning their class warfare they have been waging

[NJMaverick]

It should be a much higher ration than 1 in 4. The GOP's goal is for 4 in 4 millionaires to pay a lower rate than both the middle and lower classes

[Velleity]

I'm not so sure that this is a useful inquiry. Why are their taxes lower? I mean a lot of wealthy people do a lot of charitable work and if they are putting their money to good use and getting a big tax break, well. . .

I'm not saying that this is the case (I honestly don't know), but if it is then perhaps the "lower rate" really isn't a lower rate?