Litigation

Who pays all the income taxes?

By Tracy Coenen

Obamanomics has made it popular to call on the “rich” to pay “their fair share” of taxes. Lets increase taxes to pay for ineffective, unnecessary, wasteful government spending, but lets make sure the “rich” are the ones who pay those increased taxes. After all, if they have a lot of money, they should pay a lot in taxes, right? Except what those promoting this idea often ignore is that the “rich” already pay far more than “their fair share” of taxes. They already pay almost all of the taxes.

Check out the beautiful illustration below. Simply… the top 10% of earners pay 71% of the income taxes. Sounds like much more than their fair share to me!

(click on the graphic to go to the website of The Heritage Foundation and use the interactive features)

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Full post as published by The FRAUDfiles Blog on July 20, 2009 (boomark / email).