It has been stated that the middle class should not pay more than the millionaires and billionaires. Is it actually true that they do?
On the average, the wealthy in America pay a lot more in taxes and at a higher rate than do the middle class and poor according to private and government data.
The 10 percent of households with the highest incomes pay more than half of all the federal taxes. They pay more than 70 percent of federal income taxes according to the Congressional Budget Office.
Households making more than $1 million will pay an average of 29.1 percent in income taxes. Households making between $50,000 and $75,000 will pay an average of 15 percent of their income in taxes. Lower-income households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.
According to the Tax Policy Center approximately 47 percent of Americans will pay no taxes. Typically, it is low income, the elderly, those with children who do not have enough income to pay taxes or have deductions, credits and exemptions so that they had zero taxable income. Only about 1 percent of returns with income over $1 million did not pay taxes.
Cynthia Kuhne – www.cktax.com