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.
Feds Pay Back Feds the Bailout Money from Feds and Feds Are Happy, But You Lose. Again | John Ransom