Sunday, April 28, 2013

Their Fair Share

President Barack Obama is fond of saying he just wants the rich to pay their fair share of taxes, and that the rich can afford to pay "a little more".

Unfortunately for his argument, the reality is this:

Our individual tax code is, as it should be, progressive, but perhaps the pendulum has swung too far in this direction. The top 10% of taxpayers pay around 70% of federal income taxes, while the bottom half of all taxpayers pay just 2%.
It seems to me that each taxpayer in the top 10% is paying his fair share plus the fair shares of several other people.

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