Thought you wanted to be a millionaire? The “Billionaire Tax” might cause you to reconsider.
All American earners are subject to federal income taxes, but not everyone is subject to the same tax rate. While middle-class Americans pay, on average, roughly 14% in federal taxes annually, the wealthiest American families frequently use loopholes to avoid paying these tax rates. The question of whether or not the richest Americans pay enough in taxes for the amount of money they have compared to the average American’s net worth has been a hot topic of debate, in all likelihood, since July 4, 1776.
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