Taxes for America’s highest earners have fallen sharply since 1995, according to a White House report released on Tuesday ahead of a speech by President Barack Obama on fairness in the tax code that is a key part of his campaign for re-election.
The White House estimated the 400 highest income households in the country, who all earned more than $110 million, paid an average of 18.1 percent of their income in federal taxes in 2007, well down for 29.9 percent those households paid in 1995.
Obama travels to Florida on Tuesday where he will urge support for the Buffett Rule, named after billionaire investor Warren Buffett, that calls for people making more than $1 million a year to pay more in tax than middle-class families.
Obama’s senior campaign adviser, David Axelrod, said most Americans would agree with the principle behind the tax change.
READ MORE: White House highlights tax fairness ahead of Obama speech