AP Debunks Obama’s Claim Millionaires Don’t Pay Their Fair Share of Taxes
On Monday, NewsBusters debunked the media myth that millionaires pay less in taxes as a percent of income than lower earners. Rather surprisingly, the Associated Press followed suit Tuesday with a stunning piece that began, “President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries”: The data tell a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government. The AP shared actual data to support its totally correct conclusion: This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank. Households making between $50,000 and $75,000 will pay 15 percent of their income in federal taxes. Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent. Indeed. The AP also confirmed the data NewsBusters reported the previous evening: The latest IRS figures are a few years older _ and limited to federal income taxes _ but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS. Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent. Bravo! So the cat is now officially out of the bag with the largest wire service telling America the truth. There is therefore no reason every other news outlet in this nation doesn't follow suit by properly informing the public of what millionaires really pay in taxes compared to lower earners. Not doing so would be yet another example of media malpractice. Stay tuned.
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AP Debunks Obama’s Claim Millionaires Don’t Pay Their Fair Share of Taxes
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on September 20, 2011. Filed under