From the Washington Post:
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.
Read more from the Washington Post >
More To Read
November 16, 2018
Two cities struggle to fund homelessness relief. One succeeds.
November 14, 2018
The State of Working Washington 2018: Part 3
November 9, 2018
America’s Pension Plan Can Be Made Stronger Without Benefit Cuts