Hillary’s “Buffett Rule” tax hike is a solution in search of a problem
With Warren Buffett today, Hillary Clinton will claim upper income earners do not pay their “fair share” of federal taxes. But the most recent government data shows the tax code is already steeply progressive. A Clinton “Buffett Rule” tax increase or similar gimmick is a solution in search of a problem. According to the nonpartisan Congressional Budget Office:
-The top one percent of households pay 38.3% of federal income taxes and 25.4% of total federal taxes.
– The top 20 percent of households pay 88% of federal income taxes and 69% of total federal taxes.
– The top one percent of households pay an average income tax rate of 23.6% while the middle quintile pays an average income tax rate of 2.6%.
– The top one percent of households pay an average total tax rate of 34% while the middle quintile pays an average total tax rate of over 12.8%.
– The top 20 percent of households pay an average total tax rate of 26.3 percent while the middle quintile pays an average total tax rate of 12.8%.
The data is shown below:
See also:
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