I don’t like raising taxes on anyone. But on five million plus is more tolerable. I would prefer cutting the loopholes of the wealthy. I’ve been told the wealthy don’t pay much in taxes because of the loop holes.
“I don’t like raising taxes on anyone. But on five million plus is more tolerable. I would prefer cutting the loopholes of the wealthy. I’ve been told the wealthy don’t pay much in taxes because of the loop holes.”
Most tax breaks are passed by Congress because they create jobs or affordable housing supply. To qualify for them, you have to do exactly what the government requires.
Well the truth is, those making $250K and up pay over 50% of all income taxes.
I have read that people who make $1 million or more have an average federal income tax rate of about 20.4%. Those making around $2 million, had an average tax rates of 25.1% and those making $10 million or more had an average rate of 20.7%.