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Millionaires Now Pay Nearly 40% of the Income Tax

New tax data from the Joint Tax Committee shows that no developed country relies more on the rich to pay the tax burden than the United States. Millionaires make up 0.6% of all tax filers but pay just short of 40% of the income tax.

Can we dispense with the “fair share” lie yet? No, millionaires are not paying lower tax rates than their secretaries.

The Biden White House calculation defines “income” of the rich as — we’re not kidding — the change in net worth on the Forbes 400 list from last year to this year. This is a prelude to their dangerous and unprecedented tax scheme to tax unrealized capital gains. Did your stock portfolio, your farm, or your business rise in value last year? Get ready to pay a hefty tax bill!

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