Let me help you with the math. It is pretty clear cut. With the Bush tax cuts the top 1% paid 23% more and the bottom half of income earners paid 16% less.<quoted text>Let me help you with all this math stuff. The Rich pay 80% of all taxes collected by the IRS. They pay 80% of ALL taxes because of ALL the income each year they receive 80% of it. The 400 richest people in the US have more wealth than the first 150 million Americans combined. Let that sink in a moment. The first 400 have more income wealth than the first 150 million of us combined.
Since Reagan's Piss Down On Everyone Economics, the top have gained a 287% average income increase. The rest of middle America has gained 18%. The ONLY reason the US cannot pay the debt off is there isn't enough tax money coming in because of the Bush tax cuts and his over spending.
Speaking of over spending. Reagan holds the record for that. He increased the US debt while in office 186%. A record never beat so far.
Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according to the latest analysis Tuesday by the Congressional Budget Office.
The top 1 percent, who President Obama has made a target during the presidential campaign, earns 13.4 percent of all pre-tax income, but paid 22.3 percent of taxes in 2009, CBO said.
CBO included a wide range of measures of income including wages, employer-paid health insurance premiums and capital gains.
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President Obama may talk a big game about economic fairness, but his record on the issue doesn't quite match up.
Saez, who's known for his work on the income gap, has highlighted a surprising and discouraging fact: during the post-recession period of 2009 and 2010, the rich snagged a greater share of total income growth than they did during the boom years of 2002 to 2007.
In other words, inequality has been even more pronounced under Obama than it was under George W. Bush.