The Rich Aren't Paying Their Fair Share?????

"The Rich" and Their Fair Share
There is "Calculated Deception in regard to President Obama's tax policy, where he has been barnstorming the country for three years now telling us that "the rich" (whatever that is supposed to mean) do not pay their fair share of federal taxes, and the middle class pays more as a result. 


But the CBO issued a report last month that proves him grievously wrong:

"The Distribution of Household Income and Federal Taxes, 2008 and 2009," issued by CBO on July 10, reports that the top 1% of income earners paid 39% of federal individual income taxes in 2009, while earning 13% of the income. That means their share of federal income taxes was three times their share of income.

And that is down from 2007, before President Obama was even elected. In that year, after 25 years of Reagan Republican tax policies, the top 1% paid 40% of federal individual income taxes. That was more than double the 17.6% of federal individual income taxes paid by the top 1% when President Reagan entered office in 1981.

Also in 2007, again before Obama was even elected, and after 25 years of Reaganomics, the bottom 40% of income earners on net as a group paid less than 0% of federal income taxes. Instead of paying at least some income taxes to help support the federal government, the federal government paid them cash through the income tax code.

Does that reality sound like what you hear in President Obama's deceiving speeches?

CBO further reported that in 2009 the top 20% of income earners, those earning more than $74,000, paid 94% of federal individual income taxes, virtually all of the net total. That was 85% more than the share of national income they earned.

Yet, in that same year, the middle 20% of income earners, the true middle class, paid 2.7% of total federal individual income taxes on net, while earning 15% of before-tax income. And the bottom 40%of income earners, instead of paying some income taxes to support the federal government, were paid by the IRS cash equal to 10% of federal individual income taxes on net.

That means altogether the bottom 60% of income earners, which includes the middle class, paid less than 0% of total federal individual income taxes as a group on net. Instead, as a group, they received net cash payments from the IRS on net." Peter Ferrara, American Spectator