From the FINANCIAL TIMES:
A quarter of US millionaires pay lower taxes than some middle-class households, congressional researchers said, in a report that is bound to fuel the political battle over the taxation of the wealthiest Americans.
The Congressional Research Service found that some 94,500 American taxpayers are in a similar position to that presented by Warren Buffett, the billionaire investor, when he claimed in August to be paying a lower tax rate than many of his Berkshire Hathaway employees.
The average tax rate for households earning more than $1m was 30.5 per cent, above the 24.6 per cent rate paid on average by families earning less than $250,000 per year. However, a chunk of millionaire taxpayers paid rates close to 24 per cent, according to the report, a level that at times was lower than the taxes paid by middle-income families that did not benefit from many deductions. The CRS used a broad measure of tax rates, including the impact of income taxes, payroll taxes and corporate taxes, in its calculations…
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