Debunking Obama’s Tax Demagoguery

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?

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