![]() The difference is even bigger if you look only at income tax liability. ![]() Those making more than $1 million pay more than 20%. Named after billionaire Warren Buffett, the proposal would mean millionaires pay at least 30% of their income in federal taxes.īut CNN Money reports that while many millionaires pay an effective rate of less than 30%, they still pay a higher percentage than most others.įor example, the tax policy center estimates that counting federal income and payroll taxes, the average effective federal tax rate for people making between $40,000 and $50,000 was 12% last year. Most millionaires are already paying higher effective tax rates than almost everyone else. As the Senate debates the Buffett Rule - guess what?
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