The rich already pay (much) more

Blithe Spirit 1 Minute

The more you earn, the higher your tax rate.

An analysis by the nonpartisan Tax Policy Center projects that for 2011, households with more than $1 million in income will have an average federal tax rate of 29.1%, compared to a rate of about 12.4% for households with income of $40,000 to $50,000. The center counts all federal taxes, including income, payroll and estate taxes.

Internal Revenue Service data suggest a similar pattern for individual income tax, according to an analysis by the Tax Foundation, a nonpartisan research group. It found that households with income between $40,000 and $50,000 have an average tax rate of about 6.8%, while households with income over $1 million have an average rate of 24.6%.

Then again, what do they know about it?

Published by Jim Bowman

Jim Bowman covered religion 1968-78 for the Chicago Daily News, since then has written books, articles, etc., mostly on corporate history but also on religion (Company Man: My Jesuit Life, 1950-1968), and more recently on politics (Illinois Blues: How the Ruling Party Talks to Voters -- Lulu.com, Kindle). Longtime Oak Park, Illinois, resident, he lives now on Chicago's North Side, where four of his and Winnie's six children live close by.

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One thought on “The rich already pay (much) more”

  1. You are so right, Jim. I’m just beginning to write about Obama’s phony debt plan of yesterday.. Obama sounds so good, but his rhetoric is as false as it is bad for this nation.

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