Inner Banks Reality
President Barack Obama has more access than anyone in America to the statistics about our government and the taxes it imposes. So why is he LYING?
The taxes paid by the top 1% of our citizens (the wealthy) are reported every year by numerous organizations. They have not changed materially in years. The top 1% of income earners makes 20% of all income and pays 38% of all taxes.
Conversely those who make below the median national income of $34,000 a year (the poor) earn 13% of all income but pay only 3% of taxes.
It is possible that Warren Buffet has rigged his income tax to be abnormally low, but that is not typical of the wealthy or the percentages would not prove that the exact opposite is normal. Taxes on the wealthy, even after all the special tax breaks that they get, are still EIGHT TIMES the percentage on low income earners. Remember that - the next time President Barack Obama starts his demagoguery about 'the rich'. There is simply no reality to the claim that low or middle income earners pay higher rates than the wealthy. It is an ignorant claim.
It is also true that the greatest beneficiaries of the Republican tax cuts of the last 10 years were the middle class, not the rich. That too is something that Barack Obama LIES about constantly.