Economy

One In Four Millionaires Pays Lower Taxes Than The Median Middle-Class Household [UPDATED]

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CREDIT:

Republicans, aided by a misleading Associated Press “fact-check,” have been casting aspersions on President Obama for claiming that many millionaires pay lower taxes than middle-class households. But as the Tax Policy Center noted, one in four millionaires has a lower tax rate (accounting for federal income and payroll taxes) than the median middle-class households. Center for American Progress Director of Tax and Budget Policy Michael Linden added that 10 percent of people making between $10,000 and $20,000 annually actually pay higher tax rates than 25 percent of millionaires. More than 40,000 millionaires pay 4.2 percent or less of their income in taxes.

UPDATE

The Tax Policy Center has retracted the tables upon which it based its number.

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