President Barack Obama has made much of millionaires paying a “fair share” of their income into taxes, but Internal Revenue Service data show that these individuals already pay taxes at a high rate.
The Obama Administration has presented the “Buffet Rule,” which is part of the President’s deficit-reduction program that seeks to tax millionaires at a higher rate than the middle class. Statistics show that these people are already paying high tax rates, according to Fox News.
The nonpartisan Tax Policy Center says that people making more than $1 million have paid an average rate of 29.1 percent of their income to the Federal government. This is compared to the 15 percent that households making between $50,000 and $75,000 have paid.
The office of Senate Majority Leader Harry Reid (D-Nev.) said that 22,000 people making more than $1 million annually pay less than 15 percent. However, there are 236,000 such filers in the United States, reports the news outlet.
Many Republicans – including Senate Minority Leader Mitch McConnell (R-Ky.) – have called out the President for the proposed tax hike, saying that it would hurt the economy.