Sunday, March 22, 2009
Once Again Barack Obama Plays Wag The Dog
Guess Who Really Pays The Most Taxes In America? Read this article from 2007 by Stephen Moore over at American.com.
What income group pays the most federal income taxes today?
The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.
Don't be distracted by Obama when he says the rich are not paying their fair share of taxes. Look at the real effect of tax cuts under Bush and how much more that was paid. The source is the U.S. Treasury. PBO will wag the dog when you're not looking.