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10/31/08 08:10 AM
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1213 views
Obama’s tax plan is very fuzzy math.
The top 1% earns 17.53% of all income and pays 33.89% of all taxes.. The top 5% earns 31.99% of all income and pays 53.25% of all income taxes. The top 10% earns 43.11% of all income and pays 64.89% of all income taxes. The top 25% earns 65.23% of all income and pays 82.9% of all income taxes. The top 50% earns 86.19% of all income and pays 96.03% of all income taxes The top 50% earns 13.81% of all income and pays 3.97% of all income taxes. The bottom 40% pays no taxes.
Questions: How is Obama going to give a tax break to 90% of tax payers when 40% do not pay taxes?
Answer: The bottom 40% who have not paid any tax will actually get a tax rebate.
That is the redistribution of wealth.
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