Debunking Obama's Tax Demagoguery

I had previously written a post on the truth about taxes incurred by various income levels. Dick Morris and Eileen McGann wrote a much simpler to understand piece which I had included below. This piece by Morris and McGann entitled "Debunking Obama's Tax Demagoguery", was published on DickMorris.com on October 1, 2011

When President Obama says that the rich don't pay their share of taxes, he is lying, distorting, and demagoging. Here are the facts according to the IRS:

• Those making more than $1 million pay 24% of income in taxes
• Those making $200,000 to $300,000 pay 17.5%
• Those making $100,000 to $125,000 pay 9.9%
• Those making $50,000 to $60,000 pay 6.3%
• Those making $20,000 to $30,000 pay 2.5%

And what of millionaires who pay no taxes?

There are 1,470 of them. They represent six-tenths of one percent of all those with million dollar incomes in the U.S. If we assume that they make an average income of $2 million a year each, taxing them at the same rate as other millionaires (24.4%) would yield $367 million, which would increase Treasury income tax revenues by 30 one-hundredths of one percent or one-third of one-tenth of one percent!

Overall, the IRS reports that the revenues from the income tax are sharply skewed toward taxes on the rich:

• The top 1% pays 39%
• The top 5% pays 60%
• The top 10% pays 72%
• The bottom half pays 3%

So who does Obama think he is kidding?