It’s good to be a millionaire in America. A new report from the Center for American progress shows that millionaires are paying – as a share of their income – 25% less in taxes than they were in the mid 1990’s – 25% less! But that’s not all – according to data from the IRS – in 2009 – 1,400 millionaires paid absolutely no taxes at all. So just like some of the biggest transnational corporations in the world like GE and Exxon Mobile – 1,400 millionaires were off the hook and didn’t have to pitch in one penny to Uncle Sam.
In fact – the average federal income tax rate for millionaires in America is around 22% - far less than what your typical schoolteacher in Wisconsin is paying. And despite the fact that a majority of Americans support tax hikes on millionaires – our millionaires – as well as billionaires – and transnational corporations – once again escaped without having to make one sacrifice in the name of deficit reduction like the rest of us.
Last time I checked – the Constitution doesn’t say, “We the millionaires…”