Millionaires' effective tax rates top most Staff

4/12/2012 11:27:00 PM - Staff

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.