Income Tax, Millionaire | featured news

California’s top earners are now facing a combined 51.9 percent federal and state income tax — the highest rate in the nation — a cause for grumbling and, maybe, an incentive to move.

As we have noted, the problem is more symbolic than real. Most very wealthy people pay a good chuck of their income in taxes. Reid in his statement pointed to “7,000 millionaires” who paid no federal income taxes, which is not very much out of the nearly 250,000 taxpayers who file income taxes with adjusted gross income of $1 million or more.

The IRS says 1,470 millionaires paid no federal income taxes in 2009.