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Do White House tax figures add up?

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  • Description

    New question about 'Buffett rule' push

  • Duration 2:39
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-- some new questions now about the numbers the White House used to try to sell the so called Buffett rule before senate Republicans.

Successfully blocked it with a filibuster threat.

The Obama administration put out a set of figures used to justify the new tax on millionaires.

Here's the question though do they add up seeing Jim Angle is live in Washington and he was fact checking all of this -- Hello -- well President Obama has made tax fairness of course one of his signature issues and help argue that the rich are getting away with murder and economic advisor recently gave this presentation on line.

Starting with a single mom making 49800.

Dollars a year an official offers three examples designed to show some middle income taxpayers are paying more than some wealthy taxpayers.

She sits down and do your taxes she takes up deductions and exclusions and at the end of the day she -- in the fact effective federal tax rate of 16%.

Then he points to a married couple making -- 105000 dollars a year and what she says their tax rate is nineteen present.

Then a pediatrician and -- making a 173000.

900 a year and -- -- 23%.

Tax rate he said.

161923.

It's -- basic core of our progressive tax system.

In fact the tax system is so progressive -- that forty to 50% of all working Americans would lower incomes.

Paid no income tax at all which is one reason critics were suspicious of the White House.

Numbers listen and to the executive system we didn't come up with 16%.

We got 7%.

And we looked at the teacher on the -- we couldn't get nineteen we got 10%.

And finally when we got -- doctor it's not 2316%.

And if you'll notice that looks like tax and a 7101618.

More to come you have -- -- -- So how can these numbers be so different.

Well the White House confirmed to fox that it included more than income taxes it -- in social security and Medicare taxes as well critics however argue it's not right to include those numbers because those tax at all those cases taxpayers get money back.

You pay the taxes and and you get a retirement benefit coming out they're only looking at one side of the equation in this calculus that's the tax payments going in so they're distorting the numbers.

Now Greg analysts say individuals collecting many times more in benefits than they originally put in and making it far different from income taxes Greg and I fascinating stuff Jim Angle thanks -- -- yeah.

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