FACT CHECK: Are rich taxed less than secretaries?
Taxes Tuesday, September 20th, 2011
By STEPHEN OHLEMACHER – Associated Press | Yahoo News
WASHINGTON — President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries.
“Middle-class families shouldn’t pay higher taxes than millionaires and billionaires,” Obama said Monday. “That’s pretty straightforward. It’s hard to argue against that.”
The data tell a different story. 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.
There may be individual millionaires who pay taxes at rates lower than middle-income workers. 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. That, however, was less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
In his White House address Monday, Obama called on Congress to increase taxes by $1.5 trillion as part of a 10-year deficit reduction package totaling more than $3 trillion. He proposed that Congress overhaul the tax code and impose what he called the “Buffett rule,” named for billionaire investor Warren Buffett.
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If the rich like Buffet want to give their money (the people this will affect will not be as rich as Buffet) they should just give the money of their own volition…not be forced to do so
Are secretary’s being taxed on capitol gains?
Buffet can stuff it!..No offense but he is not revealing just how that tax structure works and if 5% of the top income earners pay 50% of the income taxes and 47% of the nations population pay no income tax, that tells me the rich are taxed enough and we are punishing the achievers of this nation to keep the government in loot. Income tax is nothing more than a long running VAT designed to be used as a wedge to promote class envy, it is a income that our government can do without but won’t until the progressive tax is repealed and replaced.
If we had a nat’l sales tax or a flat tax the social wedge could not be used. If we had term limits and salary only for our politicians and their appointees we would have a trust but verify government.
Warren Buffet makes little “income” in relation to his capital gains, so his overall tax burden might be less than another whose tax burden is generated primarily through income, not investments. Kudos to the other arguments on this thread too. Obama is a Socialist, so what does anyone expect from him other than relentless redistribution of wealth?
“WE THE PEOPLE” did not borrow these TRILLIONS of dollars from China, OBAMA and all the POLITICIANS did. It should be them to pay it back, not us.
In all basics there doing such a poor job that not only should they be ousted from office but to payback this debt the incurred NOT US!
Phrase like, “Mismanagement of funds” comes to mind and these idiots should be sued.
I’m sorry but to have a contribution cut off amount of $106.000 for SS is ridicules. It should be the full taxable amount of your income, whether it is $32,000 or $32,000.0000 or give up part of your benefits. That is what I call loop hole for the rich and why our SS is going bankrupt.