A new nonpartisan report suggests that many millionaires are paying taxes at a lower rate than the middle class, supporting the assertion of billionaire Warren Buffett in a New York Times opinion piece that he pays taxes at a lower rate than any of his employees.
The nonpartisan Congressional Research Service finds that a quarter of all millionaires pay taxes at a lower rate than many middle-class families earning less than $100,000 a year, The Washington Post reports.
All told, 94,500 millionaires paid a smaller share of their income in taxes than 10 million households with moderate incomes, the report found.
The report comes on the heels of a Senate vote, largely along party lines, to reject a 5.6 percent surtax on income over a million dollars to fund President Obama’s $447 billion jobs bill.
Two months ago, billionaire Buffett penned a New York Times opinion piece titled “Stop coddling the super rich.”
“Last year I paid … only 17.4 percent of my taxable income … and that’s actually a lower percentage than was paid by any of the other 20 people in my office,” wrote Buffett, who called for higher taxes on millionaires and a higher yet rate on those who earned $10 million or more.
But Republicans will hear nothing of it. And you wonder why the Occupy Wall Street movement is spreading across the country?