Effective Tax Rates For America’s Wea...

Effective Tax Rates For America’s Wealthiest Fell In 2010

Posted in the Minneapolis Forum

Fred

Minneapolis, MN

#2 Nov 25, 2012
More lies from the biggest liar on Topix And another stolen name. You really are a loser.

The Millionaires Who Pay the Highest Tax Rate
Published: Friday, 23 Nov 2012

By: Robert Frank, CNBC Reporter & Editor

Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America.

This may be individually true. Buffett pays a lower rate than his secretary and Romney pays a lower rate than most of us who make our living from salaries.

But nationally, the tax code is still broadly progressive. The more your make, the more taxes you pay as a percentage of your income.

According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.

Put another way, millionaires pay a rate that’s more than four times that of the middle class.
Fred

Minneapolis, MN

#4 Nov 25, 2012
DSM Local wrote:
<quoted text>
Absolutely untrue, Fred, or whatever you are calling yourself today.
What did Romney pay?(in the years that he actually paid any taxes, that is).
You are lying again. Prove the facts wrong or STFU.
Fred

Minneapolis, MN

#5 Nov 25, 2012
Fred wrote:
<quoted text>
You are lying again. Prove the facts wrong or STFU.
Big talk. Supposing you make me?
Fred

Minneapolis, MN

#6 Nov 25, 2012
Fred wrote:
<quoted text>
Big talk. Supposing you make me?
There you go again. Stealing the name of someone with a vastly superior intellect. You keep trying to make yourself look smarter. The only problem is that everyone knows it is you, the biggest liar and loser on Topix.
Amused Slew

United States

#7 Nov 25, 2012
Let's just put a CAP on income.

I think all a person really needs to live on is about $60,000 per year. With that money a person can pay for an average sized house, a nice car, food, maybe a vacation per year and kids education.

Any more income than that should be turned over to the Government for redistrubution to those who have less than $60,000 in income.

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