Obama’s argument that the “wealthy” should pay “their fair share” is grossly flawed. His focus is on the rate that the wealthy pay versus the middle class, while the reality is that the wealthy pay, in real dollar terms (which is what matters) far, far more than any other class of people in the U.S. Here are the facts:
- The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of income taxes
- The top 5 percent pay more than 50% of the taxes
- The top 10 percent pay 68 percent of the tab
- The bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes
These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.