Who pays taxes

Recently there have been a number of calls by liberals ranging from President Obama to Warren Buffett for the “wealthiest Americans” to pay their “fair share” in order to help the economy recover. According to this theory, taxes for the rich were cut to virtually nothing by President Bush. This led to the deficits and mounting national debt that we face today.

According to 2008 tax data, the most recent that is available from the I.R.S, in the Heritage Foundation 2011 Budget Chart the prevailing liberal view that rich Americans are getting a free ride is not accurate. The top one percent of wage earners paid 38 percent of all federal income taxes in 2008. When the view is expanded to include the top 10 percent of wage earners, the richest 10 percent of Americans paid almost 70 percent of all taxes. Conversely, the bottom 50 percent of wage earners paid less than three percent of all taxes in 2008. Democrats have not said what percentage of the tax burden they believe would constitute a fair share.

 

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Buffett and Obama in 2010 (Pete Souza-Public Domain)

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