Wa Post: A quarter of U.S. millionaires pay lower tax rate than some in middle class

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 >

  • Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More To Read

February 11, 2025

The rising cost of health care is unsustainable and out of control

We have solutions that put people over profits

January 29, 2025

Who is left out of the Paid Family and Medical Leave Act?

Strengthening job protections gives all workers time they need to care for themselves and their families

January 17, 2025

A look into the Department of Revenue’s Wealth Tax Study

A wealth tax can be reasonably and effectively implemented in Washington state