Of course, President Obama is continuing to rant that the rich need to pay their fair share.
Well, according to a recent report by the Congressional Budget Office (CBO), the rich are paying their fair share.
Based on a WSJ analysis of the CBO data:
- The average federal tax rate on the top 20% is 23.2%. The 20% of taxpayers earning between $50,100 and $73,999 pay an average 15.1%, and so on down the line.
- The top 20% of income earners (over $74,000) make 50% of the nation’s income but pay nearly 70% of all federal taxes; The remaining 30% of the tax burden is borne by 80% of tax filers
Some inconvenient facts, right?
The Homa Files 