Monday, November 26, 2012

2010 Federal Tax Rates by Income

According to 2010 data from the IRS:

people who make $1 million or more had an average tax rate of 20.4 percent;

those who made between $50,000 and $100,000 paid 7.7 percent;

those who earned $30,000 to $50,000 paid an average rate of 4.8 percent;

those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.

Put another way, millionaires pay a rate that’s more than four times that of the middle class.

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