When President Obama says that the rich don’t pay their share of taxes, he is lying, distorting, and demagoging.
Here are the facts according to the IRS:
• Those making more than $1 million pay 24% of income in taxes
• Those making $200,000 to $300,000 pay 17.5%
• Those making $100,000 to $125,000 pay 9.9%
• Those making $50,000 to $60,000 pay 6.3%
• Those making $20,000 to $30,000 pay 2.5%
And what of millionaires who pay no taxes?
There are 1,470 of them. They represent six-tenths of one percent of all those with million dollar incomes in the U.S. If we assume that they make an average income of $2 million a year each, taxing them at the same rate as other millionaires (24.4%) would yield $367 million, which would increase Treasury income tax revenues by 30 one-hundredths of one percent or one-third of one-tenth of one percent!
Overall, the IRS reports that the revenues from the income tax are sharply skewed toward taxes on the rich:
• The top 1% pays 39%
• The top 5% pays 60%
• The top 10% pays 72%
• The bottom half pays 3%
So who does Obama think he is kidding?