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A viral claim relies on a misleading definition of income.
The percentage of your income that is taken as income tax is determined by your total income. For example, the highest federal income tax rate is 37%. Anyone earning more than $609,350 as the head ...
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Distribution of average tax rates including individual income tax and employee payroll tax. The Buffett Rule is named after American investor Warren Buffett, who publicly stated in early 2011 that he believed it was wrong that rich people, like himself, could pay less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy. [5]
Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state, the District of Columbia, and Puerto Rico. The figure includes all Individual federal taxes and Corporate Federal Taxes, income taxes, payroll taxes, estate taxes, gift taxes, and excise taxes.
Like virtually everyone else, billionaires don't like giving more than the bare minimum to the taxman. The difference is that they can quickly bring that minimum down to zero with experts’ help.
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Currently billionaires effectively pay far less personal tax than other taxpayers of more modest means because they can park wealth in shell companies sheltering them from income tax, the group ...
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