Sunday, November 25, 2012

Refuting an Obama fable

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.

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