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A Low Information President

From The Washington Times, Lewis Uhler and Peter Ferrara write The rich pay more than their fair share [1].

Excerpts:

The latest CBO [2] report shows that the top 20% of income earners pay 70% of all federal taxes, while earning [3] just over 50% of before tax income. The top 1% pay 24% of all federal taxes, while earning only 14.6% of before tax income.

By contrast, CBO [2] reports that households in the middle 20%, the real middle class, pay 8.9% of all federal taxes, while earning 14.1% of before tax income [3]. Households in the bottom 20% pay 0.6% of all federal income taxes, while receiving 5.3% of before tax income.

If we look just at federal income taxes, where the policy debate is, the disparity is even worse. The bottom 20% of households pay an income tax rate of -7.5%, CBO [2] reports. The next lowest 20% pays an income tax rate of -1.3%. That means that instead of paying the IRS [4], like the rest of us, the bottom 40% are paid by the IRS [4].

The middle [3] 20%, again the real middle class, pays an average income tax rate of just 2.4%, while earning 14% of before-tax income. Obama [5] has been telling them for years the deck is stacked against them. Apparently, he has been pitching to low information voters who don’t know anything about IRS [4] or CBO [2] data. Or maybe we got a low information President.

Read more: http://www.washingtontimes.com/news/2015/jan/20/lewis-uhler-and-peter-ferrara-rich-pay-more-their-/#ixzz3Q1gzcXBZ [6] Follow us: @washtimes on Twitter [7]

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