Skip to main content

View Diary: Sen. Chuck Schumer wants to have Bush tax cut fight before election (82 comments)

Comment Preferences

  •  Your link does not support your (2+ / 0-)
    Recommended by:
    One Opinion, aliasalias

    assertion; nowhere in it does it say that "most millionaires pay 29%." In fact, the closest thing to quantifying the whole article comes at the end, where we find this gem (emphasis mine):

    Treasury Secretary Timothy Geithner was pressed at a White House briefing on the number of millionaires who pay taxes at a lower rate than middle-income families. He demurred, saying that people who make most of their money in wages pay taxes at a higher rate, while those who get most of their income from investments pay at lower rates.
    •  I should have said "average".. (0+ / 0-)

      As many as 25% of folks in that income class pay very little in taxes.  But that means the rest are paying even more than 29%.

      This is why we need tax reform.  No deductions, no loopholes.  

      •  Face it, if this article is the basis for (0+ / 0-)

        your statements, you will want to rethink. The author does a terrible job of giving us apples to apples comparisons for the numbers he throws around.
        Here's a good one:

        In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that's less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
        The first sentence speaks to those who pay no income tax. The second? Who knows how much tax they pay, because he hasn't done his homework. Just because they pay the majority of the federal government's income, it does not mean they are individually paying out anything close to his/your 29% figure.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site