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
http://fas.org/sgp/crs/misc/RS20811.pdf
http://www.cbo.gov/sites/default/files/cbofiles/attachments/44604-AverageTaxRates.pdf
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