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WH: How Many Millionaires Paid $0 in Taxes? Find Out for Yourself
How Many Millionaires Paid $0 in Taxes? Find Out for Yourself
Amy Brundage
Today the White House launched the official Federal Taxpayer Receipt for 2011, an online tool that gives Americans the ability to calculate where their tax dollars are being spent. Americans can enter their tax information and calculate what portion of their tax dollars go to different priorities, such as veterans’ benefits or education. The President believes the American people deserve to know exactly how and where their tax dollars are being spent, that’s why he launched the first such receipt last year.
There’s a new addition to this year’s Federal Taxpayer Receipt. For the first time, Americans can not only see how their tax dollars are being spent, they can see just how many people making over a million dollars a year effectively paid $0 in taxes. That’s right. There are millionaires who didn’t pay a dime in taxes. That doesn’t that makes any sense. Not when so many middle class families are struggling to pay the bills or simply put food on the table.
The President believes we should build an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules. That’s why he proposed the Buffett Rule. It’s simple: if you make more than $1 million a year, you should pay at least the same percentage of your income in taxes as middle class families do. On the other hand, if you make under $250,000 a year – like 98 percent of American families do – your taxes shouldn’t go up.
In a couple of weeks Congress will have an opportunity to vote on the Buffett Rule. We’ll see where each member of Congress stands. They can either protect the tax breaks for millionaires and billionaires, or they can fight for middle class families. We all know where the President stands -- he’ll continue to fight to restore the economic security for middle class families across the nation.
http://www.whitehouse.gov/blog/2012/04/04/how-many-millionaires-paid-0-taxes-find-out-yourself
Amy Brundage
Today the White House launched the official Federal Taxpayer Receipt for 2011, an online tool that gives Americans the ability to calculate where their tax dollars are being spent. Americans can enter their tax information and calculate what portion of their tax dollars go to different priorities, such as veterans’ benefits or education. The President believes the American people deserve to know exactly how and where their tax dollars are being spent, that’s why he launched the first such receipt last year.
There’s a new addition to this year’s Federal Taxpayer Receipt. For the first time, Americans can not only see how their tax dollars are being spent, they can see just how many people making over a million dollars a year effectively paid $0 in taxes. That’s right. There are millionaires who didn’t pay a dime in taxes. That doesn’t that makes any sense. Not when so many middle class families are struggling to pay the bills or simply put food on the table.
The President believes we should build an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules. That’s why he proposed the Buffett Rule. It’s simple: if you make more than $1 million a year, you should pay at least the same percentage of your income in taxes as middle class families do. On the other hand, if you make under $250,000 a year – like 98 percent of American families do – your taxes shouldn’t go up.
In a couple of weeks Congress will have an opportunity to vote on the Buffett Rule. We’ll see where each member of Congress stands. They can either protect the tax breaks for millionaires and billionaires, or they can fight for middle class families. We all know where the President stands -- he’ll continue to fight to restore the economic security for middle class families across the nation.
http://www.whitehouse.gov/blog/2012/04/04/how-many-millionaires-paid-0-taxes-find-out-yourself
Your 2011 Federal Taxpayer Receipt
http://www.whitehouse.gov/2011-taxreceipt
The Buffett Rule
No household making more than $1 million each year should pay a smaller share of their income in taxes than a middle class family pays. This is the Buffett Rule—a simple principle of tax fairness that asks everyone to pay their fair share.
You pay your fair share in taxes, and the wealthiest Americans should, too.
Share this on your social networks to help others learn about the Buffett Rule and why we need it.
The Buffett Rule Explained
What's the deal with our current tax system?
Under the current U.S. tax system, a number of millionaires pay a smaller percentage of their income in taxes than a significant proportion of middle class families. Warren Buffett, for example, pays a lower effective tax rate than his secretary, and that’s not fair.
A full 22,000 households that made more than $1 million in 2009 paid less than 15 percent of their income in income taxes — and 1,470 managed to pay no federal income taxes on their million-plus-dollar incomes, according to the IRS.
And, the very wealthiest American households are paying nearly the lowest tax rate in 50 years— some are paying just one-quarter of the federal income tax that top income earners paid in 1960. But the average tax rate for middle class families has barely budged, dropping from 19 percent to 16 percent over the last 30 years.
What is the Buffett Rule?
The Buffett Rule is simple principle that everyone should pay their fair share in taxes. No household making more than a $1 million should pay a smaller share of their income in taxes than middle-class families pay. For the 98 percent of American families who make less than $250,000, taxes should not go up.
How would it make sure everyone pays their fair share?
The Buffett Rule would limit the degree to which the best-off can take advantage of loopholes and tax rates that allow them to pay less of their income in taxes than middle-class families.
Anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get ahead—not just a few. And at time when we need to pay down our deficit and invest in the things that help our economy grow and keep our country safe—education, research and technology, a strong military, Medicare and Social Security—giving tax breaks to millionaires simply doesn’t make sense.
- more -
http://www.whitehouse.gov/economy/buffett-rule
No household making more than $1 million each year should pay a smaller share of their income in taxes than a middle class family pays. This is the Buffett Rule—a simple principle of tax fairness that asks everyone to pay their fair share.
You pay your fair share in taxes, and the wealthiest Americans should, too.
Share this on your social networks to help others learn about the Buffett Rule and why we need it.
The Buffett Rule Explained
What's the deal with our current tax system?
Under the current U.S. tax system, a number of millionaires pay a smaller percentage of their income in taxes than a significant proportion of middle class families. Warren Buffett, for example, pays a lower effective tax rate than his secretary, and that’s not fair.
A full 22,000 households that made more than $1 million in 2009 paid less than 15 percent of their income in income taxes — and 1,470 managed to pay no federal income taxes on their million-plus-dollar incomes, according to the IRS.
And, the very wealthiest American households are paying nearly the lowest tax rate in 50 years— some are paying just one-quarter of the federal income tax that top income earners paid in 1960. But the average tax rate for middle class families has barely budged, dropping from 19 percent to 16 percent over the last 30 years.
What is the Buffett Rule?
The Buffett Rule is simple principle that everyone should pay their fair share in taxes. No household making more than a $1 million should pay a smaller share of their income in taxes than middle-class families pay. For the 98 percent of American families who make less than $250,000, taxes should not go up.
How would it make sure everyone pays their fair share?
The Buffett Rule would limit the degree to which the best-off can take advantage of loopholes and tax rates that allow them to pay less of their income in taxes than middle-class families.
Anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get ahead—not just a few. And at time when we need to pay down our deficit and invest in the things that help our economy grow and keep our country safe—education, research and technology, a strong military, Medicare and Social Security—giving tax breaks to millionaires simply doesn’t make sense.
- more -
http://www.whitehouse.gov/economy/buffett-rule
Based on Mitt Romney's 2010 income and tax rate of $21 million at 13 percent, the lost tax revenue of those 1,470 individuals could be at least $4 billion.
Now, imagine if everyone in the top one percent were paying their fair share.
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