Sometimes the media makes you think – and sometimes it makes you very, very angry. I saw this in my news feed today and I was astonished that it wasn’t from that one news network I already know to be filled with right-wing lunatics.
- The top tax rate for capital gains and dividends is 15%.
- The most recent information [on taxes paid by the richest 400 Americans], for 2008, shows that the 400 wealthiest Americans paid $19.5 billion in income taxes. That seems like a lot, but their average (effective) tax rate was 18.11 percent, down from as much as 29.93 percent in 1995. (source)
- Social Security tax is no longer collected once a person makes more than $106,800, so the share of such taxes declines quickly for wealthier groups… Thus, the top one percent pay an effective rate of 1.6 percent on social insurance taxes, compared to an effective rate of about 9 percent for most other income groups. (same source)
- On AVERAGE though, the top 1% of Americans paid 31% while middle-class Americans paid around 15%.
- BUT, from the video, notice that 1470 tax returns were filed by households making over $1,000,000, and (the announcer calmly reads), “of those, just 1% Paid No Federal Tax.”