Tax Foundation Analysis Shows ‘Fair Share’ Not Paid By All
February 22, 2012 by Special To Personal Liberty
The idea of a what constitutes a "fair share" when paying taxes to the Federal government has come into question, as an analysis by the Tax Foundation showed that half of the working population pays no income tax at all, according to Fox News.
"The top 10 percent income earners pay about 70 percent of Federal income taxes," Will McBride of the Tax Foundation, told the news outlet. "The bottom 50 percent of tax filers have, they pay almost no Federal income tax. They pay about 3 percent of Federal income taxes."
The "fair share" idea has been championed by President Barack Obama in several speeches and the State of the Union address, but many people who do not have to pay income taxes end up also receiving credits that lead to refunds from the government, Fox News reported.
"Right now about 70 percent of Americans take more out of the tax system than they put into it, according to the Tax Foundation," Arthur Brooks, head of the American Enterprise Institute, told the news outlet.
The analysis from the Tax Foundation came after the President released his FY2013 budget, which would see Federal borrowing rise to 76.5 percent of the nation's GDP by 2022, according to Fortune.