President Barack Obama is lying when he claims millionaires — on the whole — pay taxes at lower rates than those with less income.
It makes for nice political rhetoric but the facts don’t support the President’s claims.
The Internal Revenue Service says less than 1 percent of households with incomes above $1 million paid no income tax while all households making $1 million or more pay an average of 29.1 percent in taxes.
Meanwhile, households making between $50,000 and $75,000 pay an average of 15 percent in taxes while households earning $20,000 to $30,000 pay just 5.7 percent.
While billionaire Warren Buffett brags that he pays less in tax rates than his secretary, most of his fellow rich pay far more.
The Tax Policy Center says the 46 percent of American Households who pay no income tax this year are primarily low and medium income families — not the super rich.
- Republicans cry ‘class warfare’ over Obama tax plan (capitolhillblue.com)
- Obama, Republicans carry tax, budget fight into 2012 elections (capitolhillblue.com)
- Obama wants $1.5 trillion in new tax revenue (capitolhillblue.com)
- Obama’s solution: Tax the rich (capitolhillblue.com)