Fair share

What is Their Fair Share?

President Obama keeps saying that America’s rich need to pay ‘their fair share’, implying that currently they are not.

On Sep. 17, 2011 he said that Americans need to be ready to “pay their fair share…” to narrow the deficit, adding “On Monday, I’ll lay out my plan for how we’ll do that — how we’ll pay for this plan and pay down our debt by following some basic principles: making sure we live within our means and asking everyone to pay their fair share.”

On Sep. 19, 2011 he called for up to $1.5 trillion in new taxes on “the wealthiest Americans…”. “If we’re going to make spending cuts, many of which we wouldn’t make if we weren’t facing such large budget deficits, then it’s only right that we ask everyone to pay their fair share…”.

On Sep. 20, 2011, in a speech in the White House Rose Garden, Obama said: “We can’t just cut our way out of this hole…. If we are going to make spending cuts… then it is only right we ask everyone to pay their fair share”.

Since Obama is asking the ‘rich’ to do what ‘is fair’ and ‘pay their fair share’, one can naturally infer he believes the rich are currently not paying their fair share.*

Well…

Based on latest available IRS individual income tax data compiled by the Tax Foundation

Top 1% earners (and tax payers) pay over 38% of total Federal income tax collected by IRS from individuals.
Not a fair share?

Top 5% earners (and tax payers) pay about 59% of total Federal income tax collected by IRS from individuals.
Not a fair share?

Top 10% earners (and tax payers) pay about 70% of total Federal income tax collected by IRS from individuals.
Not a fair share?

 

* Obama’s opposition to keeping the current income tax brackets is well documented throughout his presidency, reinforced in his White House Rose Garden speech on Sep. 20, 2011, in which he said “We can’t afford these special lower rates for the wealthy…”

 

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