The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
Secretary of Education Betsy DeVos and her family have seen their investments skyrocket since President Donald Trump started enacting pro-business policies. Meanwhile, DeVos...Politicsread more
The construction industry is heavily dependent on Hispanic and Latino workers, a workforce that diminished during the last housing crisis and has not come close to full...Real Estateread more
A group of gold miners stocks, "BAANG," are better plays than mega-cap FAANG names, according to John Roque, technical analyst at Wolfe Research.Marketsread more
T-Mobile is choosing to move ahead with a merger with Sprint even though it will prop up Dish Network as a new, possibly disruptive fourth U.S. wireless competitor.Technologyread more
Danger is lurking in the stock market: An abrupt sell-off could be around the corner if the Federal Reserve doesn't deliver the rate cut the market expects next week, the firm...Marketsread more
Shares of Beyond Meat jumped nearly 10% Monday, nearing its all-time high, on investor optimism ahead of its earnings.Food & Beverageread more
Carl Icahn thinks Occidental Petroleum's CEO got played by the Oracle of Omaha himself in the company's effort to buy Anadarko Petroleum.Investingread more
The U.S. Food and Drug Administration has approved the first generic copies of a popular, pricey pill for nerve pain. The agency on Monday said it approved nine generic...Biotech and Pharmaceuticalsread more
Starbucks is licensing its mobile and loyalty program technology in a deal that will give global franchisees the chance to offer the Starbucks mobile app to customers.Restaurantsread more
A new poll on the amount that the wealthy pay in taxes seems straightforward: Fully 68 percent of Americans agree that the rich pay "too little."
But there are two important details missing from the Associated Press survey, released Sunday. First, is this number higher than previous surveys, therefore showing stronger support over time? And second, do Americans even know what the wealthy pay in taxes?
As it relates the first question, the answer is no. For more than two decades Americans have consistently been in favor of taxing the wealthy more, regardless of the level of income inequality, and no matter the current tax rate. Since Gallup began asking Americans whether they think the wealthy pay "too little" in taxes 20 years ago, it's mostly held steady at around 68 percent.
Read MoreGriffin divorce reveals lavish life
The second question is more important. Although there is no indication in the survey data that the respondents were asked how much the wealthy pay in taxes, one exit interview suggests that many Americans think the rich pay a lower tax rate than the rest of America.
"I think the more you make, the more taxes you should pay," Bob Montgomery, of Martinsville, Va., told The AP. "I can't see where a man who makes $50,000 a year pays as much taxes as somebody that makes $300,000 a year."
If that were true, then it's understandable why middle-class and low-income workers would want the rich to pay more. But it's not true, at least not broadly.
Yes, there are cases where the wealthy pay a lower tax rate than their secretaries because they make their fortunes from capital gains, which are taxed at a lower rate than salaried income. But generally speaking, the more you earn, the higher the percentage you pay in taxes.
Take a look at this chart from the non-partisan Tax Policy Center, which shows the different income groups and what they pay in taxes. The bottom 20 percent pays an average 3.1 percent of their expanded cash income in taxes. The middle quintile, or middle class, pays 13.7 percent. The top one percent pays 33.4 percent, and the top 0.1 percent pays 35.7 percent.
It's only among the very top slice of a few hundred super-earners in America that the numbers start to change. Among the top 400 earners in America, the average tax rate was 16.7 percent in 2012, the latest period measured by the IRS. That's slightly higher than the rate paid by the middle class.
But for the most part, the rich pay more than the vast majority of Americans. The question is, do the vast majority of Americans know just how much they pay?