(07-30-2015 11:32 AM)Redwingtom Wrote: Care to define "wealthy" and cite your source for this claim? Or should I send that in a PM?
I'll let you define wealthy as you see fit, and while it may change the rate depending on how you do so, every one of those rates is below 25%
As for citation, it's a simple google process and pretty widely known... as I recall much was made about how Buffet's Secretary pays a higher rate than he does, and Romney as I recall paid about 17% (off the top of my head), but I'll help you since you need it...
http://www.irs.gov/PUP/taxstats/products...income.pdf
If that is too complicated for you (and I suspect it is), you can look at links like this
which quote different numbers, but the same net effect.
http://www.washingtonpost.com/blogs/wonk...-for-real/
Never do they pay 25%, and as they get more wealthy, the rate actually goes down.
Of course, this is 'as a percentage of AGI' and it is precisely all of those 'adjustments' that are the issue. (17.6% of agi = <15% of GI if you bother to do the math yourself)
The more you earn, the more likely you have more adjustments.... that's where I get my figures from, but I'm not going to bother showing you my work since you don't trust me... so I'll let you peruse the IRS data yourself.
I hope that helps you, Tom.