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Survey: The Wealthier You Are, the More Willing You Are to Pay Higher Taxes

By    |   Friday, 11 Apr 2014 10:33 AM

Contrary to popular belief, rich people are more accepting of higher tax rates, according to a new survey from wealth research firm Spectrem Group.

The survey found that among Americans worth $100,000 or more, a majority think they should pay less than 15 percent of their income in taxes, CNBC reports. A total of 24 percent think they should pay between 11 and 15 percent, and just 10 percent believe they should pay more than 21 percent.

Of those worth at least $1 million, just less than half say they should pay less than 15 percent, 24 percent say they should pay between 11 and 15 percent and 20 percent say they should pay more than 21 percent.

Editor’s Note:
Pastor Explains His Biblical Money Code for Investing


However, among those worth $30 million or more, only 29 percent maintain they should pay less than 15 percent, and 40 percent think they should pay more than 21 percent. A total of 13 percent believe they should pay between 26 and 30 percent, while 6 percent say they should pay between 31 percent and 40 percent.

CNNMoney offers some detail about the tax situation of the nation's top 1 percent in income. For 2011, the latest year for which the IRS has final data, it took at least $389,000 to occupy that rarified air.

The top 1 percent shoulder a bigger share of the tax burden than they garner in adjusted gross income (AGI), CNNMoney reports. They received 19 percent of all AGI in 2011 and paid 35 percent of all federal income taxes.

The top 1 percent had an effective tax rate of 23.5 percent.

Editor’s Note: Pastor Explains His Biblical Money Code for Investing

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Contrary to popular belief, rich people are more accepting of higher tax rates, according to a new survey from wealth research firm Spectrem Group.
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Friday, 11 Apr 2014 10:33 AM
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