Another Fractured Fairy Tale by Barack Obama

“President Obama persists in spreading the dishonest falsehood that billionaires pay lower tax rates than their secretaries. That is based on a cartoon version of our tax code.

CBO reports to the contrary that in 2009:

the top 1% paid an average federal tax rate of 29%,

while the middle 20% paid an average federal tax rate of only 11.1%,

and the bottom 20% paid an average federal tax rate of 1%.

. . . the rich already pay far more than their fair share.  

Official IRS data show that the top 1% of income earners pay 39% of all federal income taxes, while earning only 13% of the income.

The middle 20% of income earners, the true middle class, pays only 2.7% of all federal income taxes, while earning 15% of the income.

So the top 1% pays 15 times as much federal income tax as the entire middle 20%, or middle class, even though the middle 20% earns more in income.

The bottom 40% of income earners rather than paying any taxes to support the government actually receives payments from the IRS equal to about 10% of all federal income tax revenues.

And this was before the $2 trillion in tax rate increases on the rich, in the fiscal cliff deal.

We need a law that would hold President Obama personally liable when he uses the trappings of office to spread outright fairy tales.”

By Peter Ferrara

American Spectator

http://spectator.org/archives/2013/02/20/sequester-hysterics/1