The so-called “one percent,” vilified by far left activists as “not paying their fair share,” actually pay the bulk of federal income tax in the United States at 38-percent, official IRS records show.
Data from 2008 also shows that the top 10 percent of income earners paid 70-percent of all federal income taxes, while the bottom 50-percent paid only 3-percent. Remarkably, 49-percent of U.S. households paid no federal income tax at all.
The information comes as issues springing from the Occupy Wall Street Movement, which began staging sit-in protests last year, moved into becoming a political football for the upcoming 2012 U.S. Presidential election. President Obama used his State of the Union address last Tuesday to outline his progressive idea of “fairness” by increasing government power over individual freedoms at the expense of the wealthy.
“If you make more than $1 million a year, you should not pay less than 30 percent in taxes,” Obama declared. Singling out the secretary of billionaire Warren Buffet, he added: “Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”
While Buffet himself may pay less taxes than his secretary, the hard numbers from the IRS prove that he is an exception rather than the rule.