Also in this playlist...
This transcript is automatically generated
Today senate Democrats blocked a vote on president Obama's proposal to extend tax cuts for -- Who make less than 200000 dollars for an individual 250000.
Dollars for a family.
Senate majority leader Harry Reid promised devote some time but so far has not laid out when exactly that's going to be.
The whole issue raises the question just what he is a fair share of taxes -- the rich actually gaming the system.
Getting soaked or somewhere in between.
Here's chief national correspondent Jim Angle.
President Obama repeatedly invokes tax fairness is a major campaign issue returning over and over to the phrase.
Fair share it's the wealthiest Americans to help pay down our deficit.
To -- their fair share making sure that the -- Paying their fair share we got the top 2% paying almost half.
-- -- -- from Texas is that fair senator -- referring to official figures showing how much various income levels learn of the nation's total income.
Compared to how much they pay of the nation's total income taxes.
For instance I arrest figures show the top 1% of -- take home sixteen point 9%.
Of the nation's total income.
But pay 36 point 7% of the nation's income taxes.
The top 5%.
Take home a little more than 31%.
Of the total and -- but pay almost 59%.
Of total taxes.
And finally the top 10%.
Take home a little over 43% of the total income.
But pay more than 70%.
Of all income taxes -- make it fairer to pay 75%.
To pay 90% of the -- all of it.
Well that was finally be fair as it now stands 90% of all Americans pay only 30% of all income taxes we want an income tax system that's fair according to the Obama administration's own standards.
We already have -- the president does not mention another factor in the fairness equation close to half American workers pay no federal income tax at all that's extremely progressive that that's more progressive and then our European friends as matter fact people who do not share in the sacrifices paying taxes.
Have little direct incentive to care whether the government spending.
And taxing too much.
The administration often points to the ultra wealthy who sometimes pay lower rates because they have a lot of deductions but the averages -- -- groups played a more accurate picture.
For instance the top 1% pay an average tax rate of more than 24%.
The top 5% a little more -- 20%.
The top 10% about 18%.
For the bottom 50% of taxpayers the average rate is one point 85%.
Fairness is one of the president's favorite themes polls suggest voters are not that receptive a democratic think tank told independents and twelve battleground states.
And down the president's -- message.
Does not resonate.
They don't see themselves as victims in the system so about 60% of them say our system is basically fair.
When you ask them how to grow the economy they didn't talk about fairness they talked about opportunity.
But the president the United States or any politician basically -- spreading the wealth around with fairness that's fundamentally at odds with what most Americans think fairness means even Democrats agree the system is progressive though still -- -- taxes on the wealthy have to go -- we have a country.
That deficit problems going forward and so there's gonna in the coming years are gonna be pressure to sort of bring these taxes off the bottom where they are now.
Nevertheless few dispute the tax system -- progressive or that the wealthy pay what many see as a fair share in fact one recent poll by the newspaper the hill asked people what the maximum tax -- should be 75% of them said.
30% or below current top rate to 35 the president wants to raise them to almost forty.
-- -- So the issue about the president and this proposal he put forward came up in the senate today.
Yeah yeah I was brought up much -- mainly -- Republicans.
Who are devoted immediately on the president's plan but they also wanted to vote on the Republican plan.
To extend all tax cuts -- one year -- instruct the senate finance committee to hammer out comprehensive tax reform.
Now senator Reid plans to wait two weeks before he brings it to a vote.
That's in part because many Democrats have a lot of misgivings about this several -- propose raising taxes.
Only on much higher and comes in the president proposes 500001.
Case senator Schumer proposed one million.
Democratic leaders from both houses of congress were called the White House this afternoon.
In an effort to get everyone on the same page.
Before the president goes out and -- campaigning on this plan and it was such a political winner you wonder why.
Wait to two weeks of political winner they would have been having a vote -- at noon today exactly Jim thank.
Filter by section