Obama Fact Checked: Most Millionaires Pay More Federal Taxes Than Their Secretaries

obama

Photo: AP

The Associated Press fact-checked President Barack Obama’s assertion that the rich are taxed at a lower rate than their secretaries, and found that on average, Obama’s claim doesn’t hold water.Obama was paraphrasing Warren Buffett, who claimed he has a lower effective tax rate than his secretary — though that is far from the rule.

IRS data from 2009 shows that households with incomes over $1 million paid an average of 24.4 per cent to Uncle Sam, while those between $100,000 and $125,000 paid about 9.9 per cent in federal income tax.

But there are over 1,470 households with incomes over $1 million that do not pay any income tax — less than one per cent of all millionaire filings, the AP found.

Read their fact-check here >

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.