When President Obama says that the rich don’t pay their share of taxes, he is lying, distorting and demagoguing.
Here are the facts according to the IRS:
___Those making more than $1 million pay 24 percent of their income in taxes.
___Those making $200,000 to $300,000 pay 17.5 percent.
___Those making $100,000 to $125,000 pay 9.9 percent.
___Those making $50,000 to $60,000 pay 6.3 percent.
___ Those making $20,000 to $30,000 pay 2.5 percent.
And what of millionaires who pay no taxes?
There are 1,470 of them. They represent six-tenths of 1 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 percent) would yield $367 million, which would increase Treasury income tax revenues by 30 one-hundredths of 1 percent or one-third of one-tenth of 1 percent!
Overall, the IRS reports that the revenues from the income tax are sharply skewed toward taxes on the rich:
___The top 1 percent pays 39 percent.
___The top 5 percent pays 60 percent.
___The top 10 percent pays 72 percent.
___The bottom half pays 3 percent.
So who does Obama think he is kidding?