Bamboozled: The rich do pay a higher tax rate than middle class

We’ve been telling you this for years. You can pick out individual cases where really rich people – especially those living exclusively on dividend income – pay a lower effective federal income tax, but that is rare. For the 2010 tax year, IRS data proves millionaires payed an average tax rate of 20.4 percent, while…

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Buffet’s company sued for back taxes

Slipping under the radar last month was news that the federal government sued NetJets, a company owned by Warren Buffet’s Berkshire Hathaway, for some $366 million in unpaid taxes and penalties.  The legal question, as with most tax cases, is complex.

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