President Obama wants tax reform to adhere to his newly formulated “Buffett Rule” which states: Families and small businesses making more than $1 million should not pay a smaller share of their income in taxes than a middle income family.
Okay, let's look at the data for 2009 (most recent IRS data):
Income Level Taxes % Taxable Income Taxes % Adjusted Gross Income
$1,000,000-1.5MM 29.4% 25.3%
$10,000,000+ 26.3 22.6
$50,000-75,000 11.6 7.7
$75,000-$100,000 12.3 8.5
$100,000-200,000 16.3 11.9
I did this in ten minutes using publicly available data from the IRS. Which conclusion should I draw here:
a) The President isn't smart enough to do the research that I did?
b) The President knows fully what the data shows and is being intentionally misleading?
Is there an option for both "A" and "B"?
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