millionaires pay a 30% federal tax rate. fact or fiction? >> that's a fact. as millionaires defined by how much you make every year, actually it would kick in for people making a million dollar as year or more and the full 30% rate would apply to people making $2 million a year or more. that's the basics of the buffett rule. >> we're off the number one with the fact there. next, most american moyillionais do not pay as high a tax rate as other americans? >> that's a fiction. most of them do. most middle income people pay somewhere between 15 and 20%. effective tax rate. effective tax rate means after you filled out all your forms, taken all your deductions and your benefits, the effective tax rate, the grand total you made versus what percentage you pay. most middle income people are in the 15% to 20% range. the president you just mentioned is at 20.1%. mitt romney at about 15%. most rich people, though, aren't like mitt romney. because most rich people don't make most of their income in