Monday, February 16, 2015

Do the Rich Pay Their Fair Share of Taxes?

What is fair? What is rich? Is rich Nancy Pelosi and Ruth Bader Ginsberg who are high profile multi-millionaires? Is rich a household with a doctor and lawyer married to each other with many years of education to pay for? Fair would seem be those who earn 10% of the country's income would pay 10% of the taxes; the group who earned 20% would pay 20% of the taxes and so on. But that's not the case. According to IRS data, the top 10% of all earners -- the people making $150,000 and above -- pay 71% of all federal income tax while earning only 43% of all income. The bottom quintile because of transfers for housing, food, health, education, etc., actually pay a negative tax--less than zero according to the CBO. Is that fair; are they rich?

Transcript of Prager University

tax rates 2013

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