It's good to be a millionaire in America. A new report from the Center for American progress shows that millionaires are paying - as a share of their income - 25% less in taxes than they were in the mid 1990's - 25% less! But that's not all - according to data from the IRS - in 2009 - 1,400 millionaires paid absolutely no taxes at all. So just like some of the biggest transnational corporations in the world like GE and Exxon Mobile - 1,400 millionaires were off the hook and didn't have to pitch in one penny to Uncle Sam.
In fact - the average federal income tax rate for millionaires in America is around 22% - far less than what your typical schoolteacher in Wisconsin is paying. And despite the fact that a majority of Americans support tax hikes on millionaires - our millionaires - as well as billionaires - and transnational corporations - once again escaped without having to make one sacrifice in the name of deficit reduction like the rest of us.
Last time I checked - the Constitution doesn't say, "We the millionaires..."
-Thom
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