The Congressional Budget Office released its annual study of the distribution of income and federal taxes. It tells us what we’ve long known: The rich pay a lot of federal taxes, much more than the middle class and the poor. President Obama for many years pushed his infamous Buffett Rule, which said that the highest-earning Americans should pay at least 30 percent of their income in federal taxes. According to CBO, the average tax rate of the top 1 percent was 29 percent in 2011 (the last year of data in the report). The Buffett Rule, therefore, was largely in effect. The shocker here is that they have so much money that even their lawyers couldnt find enough tax dodges for them so if you just let them spin that We Pay SO MUCH IN TAXES crap --- next time ask them relative to what?
Posted on: Sat, 15 Nov 2014 02:41:41 +0000