|
A serious question. What does "Pay their fair share" mean? As I listen to the President say it for the Nth time, I wonder, and I'm not just speaking rhetorically. I really want to know what it means. I did a quicksearch and found this -
Table 1. Summary of Federal Individual Income Tax Data, 2008(Updated October 2010)
Group's Share of Income Taxes
Top 1% 38.02%
Top 5% 58.72%
Top 10% 69.94%
Source: Internal Revenue Service
Should the top 1% be required to pay more than 38% of all fed income taxes? Should the top 5% have to pay more than 59% of all fed income taxes?
The chart (I didn't include it) also shows that in 2008 the bottom 50% paid 2.7% of all federal income taxes.
That data makes it seem to me that thew ealthy already are paying their fair share.
So what is "their fair share"?
|