Thursday, October 13, 2011

Quarter of Millionaires Pay Less Taxes Than Many in Middle Class

Good news for Warren Buffett: A new government analysis finds support for the billionaire's controversial call to raise taxes on the wealthy, as he released his own tax data to back up the argument.

The report, by the nonpartisan Congressional Research Service, found that when all federal taxes are taken into account, a quarter of U.S. millionaires pay a smaller share of their income in federal taxes than many middle-class families, according to The Washington Post.

Buffett earned almost $63 million last year and paid less than $7 million in federal income tax, he said in a letter sent to Rep. Tim Huelskamp, R-Kan., on Tuesday, The Wall Street Journal reports. The Berkshire Hathaway CEO has been a longtime advocate for increasing taxes on the wealthiest Americans.

“I hope you succeed in getting the ultra rich—who, as a group, are paying less of their income to the federal government than their receptionists—to share in the sacrifice many millions of other Americans soon will be asked to do,” Mr. Buffett said in the letter.

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