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Posts Tagged ‘Fair Share’
January 23rd, 2018 at 11:42 am
Myth Versus Fact: Paying “Fair Share” of Taxes
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Are wealthier Americans paying their “fair share” of taxes?

No.  Assuming that one measures “fair share” as a rough equivalency between income earned and income taxes paid, wealthy Americans pay far more than their fair share, as helpfully illustrated by the Tax Foundation:

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Fair Share?

"Fair Share?"

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October 13th, 2011 at 5:35 pm
Buffett Discloses Taxes – Turns Out He Paid More Than the Middle Class After All
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So Warren Buffett, who falsely claims that the wealthiest Americans pay lower tax rates than their receptionists, finally got around to disclosing (some) of his tax information.

It turns out that he paid approximately $7 million in federal income taxes from a taxable income of approximately $40 million.  That’s approximately 17.5%, substantially more than the 12% rate paid by the middle quintile of taxpayers in America, according to the Tax Policy Center.  Interestingly, Buffett’s $40 million taxable income was also significantly smaller than his total $63 million in gross income, but he apparently didn’t bother to explain that $23 million gap.

On top of all that, Buffett also apparently didn’t explain why he took any deductions at all, or why he didn’t simply pay more to the federal government if he felt that he was undertaxed.  Nobody is stopping him from putting his money where his mouth is, after all.  So the evidence suggests that Buffett is not only incorrect, but hypocritical.