How many times has he president insisted millionaires and billionaires pay lower tax rates than their employees? That tax breaks mean millionaires and billionaires don't pay what he calls a fair share.IRS data shows millionaires pay a higher tax rate than the middle class. CNBC has the scoop:
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.