One in four millionaires pay taxes at a lower rate than middle class

[75th]

Report: Quarter of millionaires pay lower tax rate than some in middle class - The Washington Post

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.

The CRS report offers a withering rebuttal to both claims. Just 1 percent of tax returns with business income have adjusted gross income of more than $1 million a year, the report says, and those businesses are some of the least likely to create jobs.

“Many observers claim that small businesses are the primary creators of jobs,” Hungerford wrote, but “most of the research cited by these observers is from the 1980s. More recent research suggests that small businesses contribute only slightly more jobs than larger business.”

The main difference “appears to be due to hiring by new startup firms,” which “generally do not generate much business income in their first years in operation.” Consequently, higher taxes on millionaires are unlikely to affect them, the report says.

As to savings, the report argues that private savings rates have fallen over the past 30 years even as the capital gains tax rate dropped from 28 percent in 1987 to 15 percent today, suggesting that “changing capital gains tax rates have had little effect on private saving.”

Congressional Research Service = commie propaganda?

 

[EnderJE]

You're a commie.

 

[EnderJE]

In before Plunkey and you start fucking.

 

[youpissmeoff]

ok - lets just get this on paper because I honestly don't think you have ever seen a tax return.

Here is a 1040EZ based on a married couple (family) with no kids making 100k per year with NO other deductions.

I thnk I did this correct. I have to admit is has been a few years myself. 13% tax rate. Call it what you want but your information is either wrong or manipulated.

 

[EarthRider]

goes to show millionares are smarter than middle class

 

[-SD-]

lol at teh 75th tax return

 

[Spartacus]

you sound like a pansy

 

[Spartacus]

allow me to correct myself
before one of the gals points out flowers don't create sounds
you sound like a little bird
on a small branch
cooing

 

[75th]

lol at teh 75th tax return

oollolol I just noticed.

Uber lol @ this being "my information" I'm presenting.

 

[miplank]

If the Washington Post didn't sit down and have a sushi dinner on consumer based soil than that article is invalid