Obama Is So Clueless About Federal Taxes

[Zoom-boing]

Yesterday President Obama said that average Americans:

“. . . need a government that is working to create jobs and opportunity for them, rather than simply giving more and more to those at the very top in the false hope that wealth trickles down . . .We start from the simple premise that we should reduce the tax burden on working people. . .”

Obama presents here a false caricature of America’s tax policy in the time before he became president, with tax cuts supposedly going only to the rich, while working people and the middle class bore the tax burden.

Before Obama became president, the top 1% of income earners already paid 40% of the total federal income taxes. The top 5% of the population the president is targeting for tax hikes already paid 60% of federal income taxes.

By contrast, the bottom 40% of income earners, who lefties like Obama often refer to as “working people” or the “working class,” as a group already paid no income taxes. Instead, they received net payments from the tax system equal to 3.8% of total income taxes. In other words, the bottom 40% paid negative 3.8% of total federal income taxes.

In addition, the middle 20% of income earners, the actual middle class, paid just 4.7% of total federal income taxes, before Obama even won the election.

PETER FERRARA: Obama Is So Clueless About Federal Taxes « FOX Forum « FOXNews.com

 

[Old Rocks]

How much of America does top 1% own? And how much of the total income do they get? For sure the first number is greater the 1%.

 

[Iriemon]

Of course, as is almost always the case with these kind of misleading statistics, they exclude regressive SS taxes (which are not much less in revenues as income taxes) that the poorer pay by the rich proportionally do not.