…if you’re an average American. From the Center for American Progress:
- More than 100,000 millionaires pay lower taxes than the average American.
- Forty percent of millionaires pay a lower tax rate than 3.4 million Americans who earn between $40,000 and $50,000.
- One hundred thousand millionaires pay a lower tax rate than 2.8 million Americans who earn only $10,000 to $20,000.
- Forty-six million Americans who earn less than $50,000 annually pay a higher tax rate than 43,000 millionaires.
- More than 43 million Americans who earn less than $100,000 pay a higher tax rate than 100,000 millionaires.
And just a reminder:
“The richest 5 percent of households obtained roughly 82 percent of all the nation’s gains in wealth between 1983 and 2009. The bottom 60 percent of households actually had less wealth in 2009 than in 1983, meaning they did not participate at all in the growth of wealth over this period.” - Lawrence Mishel
So, clearly, the wealthy need to have the tax cuts extended and the rest of us should gladly agree to more spending cuts to balance the deficit. The wealthy only gobbled up 82% of the nation’s wealth? That leaves a lot of wealth out there that they haven’t deposited in their bank accounts. Yet.