President Obama Confused on Tax Numbers?
AP: Data shows wealthy pay more taxes than middle class
- Duration 6:57
- Date Sep 20, 2011
AP: Data shows wealthy pay more taxes than middle class
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President Obama justifying his proposed tax hike by saying -- -- rich do not pay their fair share.
But what was He misleading the American public.
Here's the president yesterday.
Warren Buffett's secretary shouldn't pay a higher tax rate.
That Warren Buffett.
There's no justification for.
It is wrong that in the United States of America a teacher or nurse or construction worker who earns 50000 dollars.
Should pay higher tax rates than somebody pulling in fifty million dollars.
But -- a fact check report by the Associated Press the AP reports that in fact.
The rich don't pay more.
Then the secretaries in that example for example the wealthiest pay the wealthiest people on average pay a lot more than the middle class -- the -- according to the Tax Policy Center look at this.
Households making between twenty and thirty grand a year pay an average of five point 7% in federal taxes -- between forty and 50000.
Pay an average of twelve point 5%.
Households making between fifty and -- 5000 pay 15%.
And for those making more than one million dollars a year they pay an average of 29.
Point 1% federal taxes.
Joining me now Fox News contributor Leslie Marshall as syndicated radio talk show host of the Leslie Marshall show dot com.
Along with Lars Larson syndicated radio host Lars -- -- You know that's Lars from the Associated Press just doing a fact check what the president said and concluding the -- just not there the rich do pay.
Considerably more than the middle class and the pork when it comes to taxes.
Oh yeah there's all kinds of numbers in fact if you wanna talk about the really poor who make less than 181000 dollars a year they pay less than 1% of the total tax burden in America.
And since the 1980s.
The -- -- take it up a larger share now paying about 40% of the total.
Where is the very poor pay a smaller share than they did in the 1980s.
Up to about 86 in the tax reform than the numbers are not -- -- -- side I kind of feel sorry for.
You know -- -- this Associated Press coming out this is a quote okay this is a quote from the Associated Press.
The data tell a different story and President Obama on average the wealthiest people in America pay a lot more taxes than the middle class sort of pork.
They they pay at a higher rate.
And as a group they contribute a much larger share of the overall taxes -- collected by the federal government so what why is our president telling the American people something other than that.
Well He was specifically talking about Warren -- which Warren Buffett himself -- that and I know that mr.
Buffett is not.
Not whining and fact check also said that over 14100 millionaires paid zero.
If they were each making a million dollars that's over 435.
Million dollars were also talking about.
What these millionaires claim.
And when you -- wealthy with these tax loopholes which the president is trying to get rid of and which by the way speaker Boehner and other Republicans also agree with -- on.
These millionaires wouldn't be able to.
Hide their money and -- -- banks in Kuwait in Switzerland the Bahamas by Turkish bonds except Iraq.
They are paying taxes based on the amount of money they claim to have earned and a lot of that money is hidden because they can afford -- -- very fancy accountants hide that.
Money is that your because I just want to -- is it let me just give the viewers what the actual AP report says it wasn't mentioned the fourteen.
170 households without tax returns it incomes above a million.
And it paid no federal income tax according to BI RS that is less than 1% of the nearly 237000.
By folks who did have incomes of higher than one million the vast majority 99%.
In over paid.
Tax rate on their money so are is it's all about those 14100 people who took advantage of tax loopholes cars.
No not at all and in fact what let's say he's talking about -- it's illegal activity by actually hiding and evading taxes they're already laws against that Leslie.
Get the president to start enforcing that but then again the president doesn't show an inclination to enforce the law in a lot of different areas like selling guns to Mexico or -- -- but here's the bottom line the bottom line is that in the 1980s.
The top 1% -- 26%.
Of the total income of the federal government through taxes today they pay 40%.
Meantime the people from 33000.
Income and below paid about 6% in the eighties they now pay about 3% in May not feel like it but the poor and the middle class are paying less as a percentage and the rich -- paying more what we have is a spending problem.
And and that's what's changed the picture.
I understand it that's a separate argument that Clinton the question for today's debate is whether the president was misleading in what He told the American people -- was He talked about Warren Buffett.
Who uses capital gains today when you when you invest in you make money on -- you pay 15% tax on that money you make.
But but Warren Buffett pays 35% federal taxes on in com just like all the people who make more than a million dollars due on there in Cobb.
So it is misleading to suggest that the income tax being paid by millionaires.
Is it any way lower than the income tax being paid by the for the middle -- -- do you agree.
I can't disagree with you on that Megan that I don't say misleading He should've been more specific in saying that the money that they.
Obtained those investors as opposed to the money that they they have with their income but the bottom line is they wouldn't be able to -- -- -- get around.
All paying less taxes whether it's 14114.
Million people at zero it's still hefty price tag on those.
A 14100 plus.
When when you look at the bottom line which is the president is saying we need to overhaul the tax code.
We need to do away with these tax loopholes this is not an attack on the rich and Lars I love you but I wish she would fight for the middle and not.
Lower income I classes in art and -- -- why did you do for the -- and I didn't go ahead I.
-- is being deceptive and here's why.
I would like to fight for the lower income most of my jobs throughout my entire life have been working for these so called rich guys -- the president likes to disparage what -- ignores is that if you have a corporation Warren Buffett has a bunch of corporations the corporation pays taxes on the money and when it pays dividends which by the way Warren Buffett -- arranged his situation so that He doesn't take a dividend for many of his corporations which lowers his tax believes his money in the corporation.
The fact is is that.
If you take the money away from the rich and you handed to the government as speaker Boehner said it's like giving more cocaine to a cocaine addict it's not a good idea the rich people in this country will make more jobs they make most of the jobs right.
Now understand I'm not mine my basic feeling when I watch it people argue over taxes is as long as they feel it's not gonna affect them there in favor of -- attacks the lungs it's not gonna hurt me.
God bless but you have to look at the bigger picture is but others say Leslie Lars thank you.