An analysis by the nonpartisan Tax Policy Center projects that for 2011, households with more than $1 million in income will have an average federal tax rate of 29.1%, compared to a rate of about 12.4% for households with income of $40,000 to $50,000. The center counts all federal taxes, including income, payroll and estate taxes.
Internal Revenue Service data suggest a similar pattern for individual income tax, according to an analysis by the Tax Foundation, a nonpartisan research group. It found that households with income between $40,000 and $50,000 have an average tax rate of about 6.8%, while households with income over $1 million have an average rate of 24.6%.
Source: Wall Street Journal
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