Obama & Taxes
Claim: The rich aren't paying their fair share
Response: The top income earners in America pay the majority of all the income tax collected
Response (contd): The rich's share of income tax liabilities increased every year under Bush
Claim: The Obama Administration cut taxes for the majority of Americans.
Response: The majority of the tax cuts weren't cuts but credits and they also were temporary.
Response: The top income earners in America pay the majority of all the income tax collected
- Not only do the top income earners pay the largest share of all the income tax collected, they also pay double their share of adjusted gr0ss income. In other words, they pay more than double their "share."
- The top 1%'s share of income taxes paid is almost 40%. The top 1% share of adjusted gross income is 20%. They earn 20% of the income, yet pay 40% of the income tax.
- The top 5% pays almost 60%, earns almost 35%
- The top 10% pays almost 70%, earns almost 46%
- The top 25% pays 86%, earns 67%
- The top 50% pays 97%, earns 87%
- The bottom 50% pays almost 3%, earns almost 13%.
Response (contd): The rich's share of income tax liabilities increased every year under Bush
Claim: The Obama Administration cut taxes for the majority of Americans.
Response: The majority of the tax cuts weren't cuts but credits and they also were temporary.
- The Obama Administration, along with then Speaker of the House Pelosi and Majority Leader Reid, cut taxes permanently by $107.6 billion.
- All of their tax hikes were permanent. These hikes were to the tune of $725.7 billion.
- Obama, Pelosi and Reid had a 7:1 ratio of permanent tax increases to permanent tax cuts.