The richest 1% pay 24% of income tax

The Congressional Budget Office released its annual study of the distribution of income and federal taxes. It tells us what we’ve long known: The rich pay a lot of federal taxes, much more than the middle class and the poor.

President Obama for many years pushed his infamous Buffett Rule, which said that the highest-earning Americans should pay at least 30 percent of their income in federal taxes. According to CBO, the average tax rate of the top 1 percent was 29 percent in 2011 (the last year of data in the report). The Buffett Rule, therefore, was largely in effect.

However, CBO also projected forward to 2013. Based on tax increases that began in 2013, CBO predicts the top 1 percent paid a 33 percent effective rate in federal taxes last year. Obama’s policies have more than established the Buffett Rule.

Part of that rule, according to the president, was to make sure the rich pay a higher effective rate than the middle class. The CBO report shows the middle class paid an effective rate of 11.2 percent in 2011. The rich paid almost three times the effective rate comparably. Warren Buffett never paid even close to a lower rate than his secretary.
 Source: The Daily Signal
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