Human Services News

From Center on Budget:

Despite claims that President Obama would impose a massive, damaging tax increase on wealthy Americans, the top 1 percent of Americans would actually pay a slightly smaller share of their income in federal taxes under the President’s proposals than during the Clinton Administration, when the economy grew strongly.

Specifically, the top 1 percent — who have average annual incomes of $1.6 million — would pay an “average effective tax rate” (the percentage of income paid in taxes) of 32.6 percent in 2012, compared to 32.8 percent if the tax code under President Clinton were in effect that year, according to the Urban Institute-Brookings Institution Tax Policy Center.

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