If you missed FoxNews’s Sunday new program, you missed a beautiful undressing of a liberal lie.
Juan Williams, defending Barack Obama, said that Americans were sick and tired of the wealthy not paying their fair share of taxes. Juan was flat out angry.
Brit Hume elegantly and calmly informed him, “Juan, the top 1 percent of income earners are paying a higher percentage of the total federal revenues than ever before.”
Williams sat in dead silence. His lips rolled; his eyes shook. He’s smart enough to know that Brit was right. He’s also smart enough to know that tax distribution is the secret that liberals least want you to know.
**The bottom 50% of income earners in America pay almost no taxes. **
From the Congressional Budget Office:
The share of total federal income taxes paid by the top 1 percent of tax filers increased to 39.89 percent in 2006, while the tax share of the top 5 percent climbed to 60.14 percent. The income tax share of the top half rose to 97.01 percent, according to recent Internal Revenue Service (IRS) data. The tax shares are the highest on record for these groups based on comparable IRS data going back to 1986.
The report goes on.
Percentiles Ranked by AGI
| *
Percentiles Ranked by AGI | *
*
Adjusted Gross Income Threshold on Percentiles | *
*
Percentage of Federal Personal Income Tax Paid | *
| **Top 1%** | **
$388,806 | *
*
39.89% | *
| Top 5% | **
$153,542 | *
*
60.14% | *
| Top 10% | **
$108,904 | *
*
70.79% | *
| Top 25% | **
$64,702 | *
*
86.27% | *
| Top 50% | **
$31,987 | *
*
97.01% | *
| **Bottom 50%** | **
**<$31,987 ** | *
*
2.99% | *
Source: IRS (2006)*
The ugly fact is that the people Obama wants to give tax cuts to don’t have any taxes to cut. In fact, almost 30% of those in the bottom 50% receive more tax dollars in direct payments than they pay in taxes. They are liabilities on the Federal budget.
The top 1%, on the other hand, pay almost 40% of the taxes.
Now, Obama will say that the top 5% got that way by stealing and cheating. Perhaps that’s how Obama reached the top 1%, but that’s not how most got there. Most “rich” people owe their incomes to the LLCs they run. Their business income is inseparable from their personal income income. When Obama raises their taxes, they have no choice but to fire employees or raise prices. Either way, the net effect of soaking the rich is wet poor people.
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