Many millionaires and billionaires -- approximately 55,000 -- are paying lower taxes than millions of middle-class Americans. In fact, in 2009, 1,500 millionaires managed to pay no federal income taxes on their millions.
At the same time, the average tax rate paid by the richest of the richest few -- the wealthiest 0.1% -- is at nearly the lowest rate in over 50 years -- even though their average income has skyrocketed over the last generation.
The "Buffett Rule" proposal that will be voted on in the Senate would require that taxpayers with annual income above $1 million pay a tax rate of at least 30 percent.
Three-fourths of Americans, including nearly 70% of Republicans, and President Obama support the "Buffett Rule" -- the simple idea that millionaires shouldn't pay lower taxes than working American families.
Warren Buffett, Bill Gates, Mark Zuckerberg, Mike Bloomberg, and hundreds of "patriotic millionaires" say the wealthiest Americans like them should do what's right and pay higher taxes.
Washington Republicans want a different America than the rest of us -- one where working families sacrifice more so the 1% can pay less.
It's unbelievable that Republicans would dare oppose the Buffett Rule, but that's what happens when politicians put donors over voters.
The truth is that we can invest in America's future and pay down the debt if millionaires and billionaires pay their fair share.
Let's start with the Buffett Rule.
Related:
Presidents Reagan and Obama Team Up To Support Buffett Rule
The Buffett Rule: A Basic Principle of Tax Fairness
President Reagan Agreed With President Obama: Millionaires Should Pay Their Fair Share
