President Barack Obama, with the assistance of the media, has promoted increasing the tax rates on the rich, those with income over $200,000 for singles and $250,000 for couples, as a major component of fixing the country's fiscal problems. The rationale is that it is only fair for the rich to pay more.
While I am not in the category defined as rich, I read with interest in the Nov. 21 "Kiplinger Tax Letter" about new Internal Revenue Service statistics on the percentage of income taxes paid by the various income groups. The top 1 percent of all filers paid 37.4 percent of federal income tax in 2010, the most recent year analyzed by the IRS. The top 5 percent of earners paid 59.1 percent and the top 10 percent, 70.6 percent. The bottom 50 percent paid 2.36 percent of the taxes largely due to refundable tax credits.
It is obvious the president has waged a successful class warfare campaign with the public, as evidenced by many Americans having no objection to raising taxes as long as they are not affected.
Robert E. Green
Never miss a local story.
Hilton Head Island