What percent of their total income does the rich pay?

Question

i see reports all over the net about the rich pay a big part of the federal tax, i want to know for a rich tax payer how it effects them personaly.

if you make $50,000 a year and pay 25% or $12,500, does the person making $50,000,000 a year still pay 25% or $12,500,000?

Answer 1

I know a person who makes 1 million dollar each year. According to him, he pays around 40% for income tax.

Only .1% of the whole population in United States make such money. So making 1 million dollar is doing very well. I heard the top percentage is 40%, can't go past that.  

Answer 2

It goes higher as you make more.  Go to www.irs.gov and look at the Tax charts.

Answer 3

As the rich earn more they become more sophisticated in the way they distribute the income earned, they use trusts off shore accounts and companies to reduce the impact of tax.

Answer 4

The higher your taxable income, the higher your tax bracket is.  It is not a flat rate.  For a single person in 2008, you pay 10% on the first $8025, then 15% up to $32,550, and so on until you reach the 35% bracket which is for taxable income over $357,700.  Here are the 2008 tax brackets: http://www.bargaineering.com/articles/20...