Among U.S. households earning between $50,000 and $100,000 a year, the vast majority paid effective tax rates of between 0 and 15%, which is not two to three times the rate the richest Americans pay.
Do typical workers pay tax rates two to three times higher than wealthy Americans?For starters, Biden’s statement ignores that 43.6% of households, according to the Urban Institute-Brookings Institution Tax Policy Center.
Still, measured by actual taxes paid under current law, the effective tax rate for incomes in this range are not two or three times higher than what the wealthiest pay.the Tax Policy Center found In addition, while ordinary Americans have smaller stock holdings than the richest families do, many middle-income Americans have retirement accounts with plenty of unrealized income. Biden’s comparison takes unrealized income into account for the richest Americans, but not for ordinary Americans.Biden said the"average federal income tax" paid by the richest Americans is"8%. … If you’re a cop, a teacher, a firefighter, union worker, you probably pay two to three times that.
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