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

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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