Liberals defy common sense..........
So time for a reality test. Mr. Obama wants to raise the income tax payments from the top one percent to level the playing field and enhance tax "fairness." Here are the latest statistics from the IRS for 2011. The top one percent earned 19 percent of the total income and paid 35 percent of the federal income tax. So one of 100 shouldered 35 percent of the entire burden. And the average of the five most recently reported years (2007-2011) is closer to 40 percent. Several years ago Al Sharpton, now of MSNBC said the "top one percent in this country pays very much less than 10 percent" of the income tax. Most Americans no doubt believe the same thing.
The top 10 percent pay two-thirds of the income tax. And the bottom 50 percent - all Americans with an income below the median - pay just 3 percent of the income tax. The federal income tax, according to a recent study by the Tax Foundation, is one of the most progressive tax systems in the world. Scott Hodge, president of Tax Foundation, says: "Almost no other industrialized nation depends on the rich to pay the bills more than the United States."
What about the super duper rich? The multimillionaires and billionaires. Warren Buffett famously says he pays a smaller share of his income in tax than his secretary. But when properly accounting for the taxes paid and income earned, the top 0.1 percent paid 16 percent of the income tax. So the top 0.1 percent paid an aggregate amount more than five times that of half the population. That isn't enough?
http://www.washingtontimes.com/news/2015/mar/1/stephen-moore-do-the-rich-pay-their-fair-share-of-/
So time for a reality test. Mr. Obama wants to raise the income tax payments from the top one percent to level the playing field and enhance tax "fairness." Here are the latest statistics from the IRS for 2011. The top one percent earned 19 percent of the total income and paid 35 percent of the federal income tax. So one of 100 shouldered 35 percent of the entire burden. And the average of the five most recently reported years (2007-2011) is closer to 40 percent. Several years ago Al Sharpton, now of MSNBC said the "top one percent in this country pays very much less than 10 percent" of the income tax. Most Americans no doubt believe the same thing.
The top 10 percent pay two-thirds of the income tax. And the bottom 50 percent - all Americans with an income below the median - pay just 3 percent of the income tax. The federal income tax, according to a recent study by the Tax Foundation, is one of the most progressive tax systems in the world. Scott Hodge, president of Tax Foundation, says: "Almost no other industrialized nation depends on the rich to pay the bills more than the United States."
What about the super duper rich? The multimillionaires and billionaires. Warren Buffett famously says he pays a smaller share of his income in tax than his secretary. But when properly accounting for the taxes paid and income earned, the top 0.1 percent paid 16 percent of the income tax. So the top 0.1 percent paid an aggregate amount more than five times that of half the population. That isn't enough?
http://www.washingtontimes.com/news/2015/mar/1/stephen-moore-do-the-rich-pay-their-fair-share-of-/
