President Obama of late has been making a lot of the phrase, "They must pay their fair share." His inference is that the rich (supposedly those making more than $250,000) are somehow not paying enough in taxes and that the millionaires are paying even less. Well, is that really true? According to the IRS that is a very poor assumption. See here: top10-percent-income-earners
Be sure to click on the colored dots and notice how the share of the Top 1% has gone from about 20% to about 40% since 1980. And how the share of the bottom 50% of taxpayers has gone from 7% to about 2.7%.
So, if you listened to Peter Schiff in the previous posting, you can see that the people who create the jobs are being asked to both support the economy with their hard earned tax money and to create more jobs at the same time. But these things are mutually exclusive to a great extent.
The chart above is from the 2011 Budget Chart Book, prepared by the Heritage Foundation. Budget Chart Book It makes simple and interesting reading.
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