Neither investor Warren Buffett nor President Barack Obama ever claimed millionaires across-the-board pay taxes at lower rates than middle-income people. The point is that these situations do occur and they are the most striking example of a tax system that is broken. The rich are not paying more than their fair share. In 2010, the richest one percent (who had an average income of $1,254,000) paid 21.5 percent of the total federal, state and local taxes, roughly proportional to the 20.3 percent of the total income that went to this group that year. The services provided by government — roads that facilitate commerce, schools that create a productive work force, defense and protection of property that provide stability needed for businesses to thrive — have benefited wealthy families who own most businesses, corporate stocks and other assets more than anyone else. While the incomes of many have stagnated, the affluent have seen their incomes skyrocket and it's reasonable to ask them to contribute more to support the society that allows them to make fortunes. There's a lot wrong with our tax code, and it won't all be resolved by increasing taxes on millionaire investors, but the Buffett Rule is a major step in the right direction.
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