Republicans Continue to Defend the Indefensible
Republicans continue to defend the indefensible by opposing a balanced approach to create jobs and reduce our long-term debt that ensures all Americans pay their fair share. But it’s proving to be a tough sell:
Instead of going to extremes to distort the facts, it’s time for the GOP to review them–the facts:
One of the key principles is the “Buffett Rule” which applies to the top 0.3% of the wealthiest Americans. No household making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay.
22,000 millionaires—making more than $1 million annually—paid less than 15 percent of their income in taxes in 2009.
Nearly 1,500 millionaires paid NO income taxes in 2009 according to the IRS.
The top 400 richest Americans, all making over $110 million per year and making an average of $271 million per year, paid only 18 percent of their income in income taxes in 2008.
The share of income paid by the wealthiest 400 Americans has fallen by nearly 40 percent, from 29.9% in 1995, even as their average incomes roughly quadrupled.
Too many middle class Americans pay more than this—especially when payroll taxes are taken into account.
And contrary to the GOP’s talking points on small businesses, fewer than 2 percent of the small businesses in the country face either of the top two tax brackets. Far more, in fact, are in the lowest tax bracket.