Quote of the Day – AP Fact Check on Taxes Edition

On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.

The 10 percent of households with the highest incomes pay more than half of all federal taxes. They pay more than 70 percent of federal income taxes, according to the Congressional Budget Office.

The AP did some fact checking on the “fairness” of our income tax system. 

This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes, payroll taxes and other taxes, according to the Tax Policy Center, a Washington think tank.

Households making between $50,000 and $75,000 will pay an average of 15 percent of their income in federal taxes.

Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent

Now, I know this won’t stop Obama from saying it, but shouldn’t this at least help the people who believe his lies and distortions?  As far as Buffett is concerned he are two things that he doesn’t mention when he says his assistant pays a higher rate than he does

  1. The money that he is getting has been taxed on the corporate side at an average rate of 25%
  2. He is the big wig at his company, if he wanted to change his pay structure to a straight salary which would increase his taxable income, he is free to do so.  But he doesn’t. 

 In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that’s less than 1 percent of the nearly 237,000 returns with incomes above $1 million.

Can we finally have enough of the lies?  The “rich” pay more than their fair share.  They pay the majority of the income taxes in this country. 

read the full article here.