Report: A quarter of U.S. millionaires pay taxes at a lower rate than some in middle class - WaPo

[Bill USA]

...by millionaires they mean those "with business income have adjusted gross income of more than $1 million a year"

.. with my emphases added:

http://www.washingtonpost.com/business/economy/report-one-in-four-millionaires-pays-less-in-taxes-than-the-middle-class/2011/10/12/gIQAh8XNfL_story.html


A quarter of millionaires in the United States pay a smaller share of their income in federal taxes than many middle-class families, according to a new congressional analysis that offers fresh support for President Obama’s push to raise taxes on the nation’s wealthiest households.

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.
(more)

[toddwv]

1. It's ok.

The rich deserve their money.
Everybody knows that the middle-class doesn't deserve money or else they would be rich...

[BR_Parkway]

2. so if they paid at that same rate the 10 million were - a little over $2.3B

more in the treasury? I can think of a few program cuts that wouldn't need to be made.

[indepat]

3. If Uncle Sam were willing to require the wealthy to send as large a percentage of their

income to Uncle Sam as those of the middle class are required to, deficits and the federal debt would never have become an issue. The plain fact is, the simple truth is, this will never happen unless OWS awakens the entire country to the inequitable travesty written into the tax code sufficiently for the people to insist, no demand, that the wealthy and large corporations finally participate in what BHO cynically and euphemistically referred to as "shared sacrifice." :patriot: