A lot gets lost in the rhetoric about the Buffett Rule, which would impose a minimum 30% tax on millionaires.
And at the top of the list is this fact: Most millionaires already pay higher effective tax rates than just about everyone else.
Certainly, many people who earn at least $1 million a year pay an effective rate of less than 30%. But they still pay a higher percentage than most people further down the income ladder.
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