“Fair Share” Tax Policy
Bernie Sanders: “We tell the billionaire class, they cannot have it all! For a start, they’re going to start paying their fair share of taxes.”
John Stossel: “Yeah! Rich people aught to pay their fair share. Warren Buffett says he pays a lower percentage tax than his secretary. That’s disgusting! Right, Steve Moore?
Steve Moore: “That’s one of these prevalent myths that’s been around for about ten years now. Warren Buffett keeps saying he pays less than his secretary but when you…”
John Stossel: “Well, it is a higher percentage? It’s factually true.”
Steve Moore: “Well, no, it isn’t really. Because what does Warren Buffett do? He owns companies. He invests in these companies and those companies pay a whole heck of a lot of taxes. If you take in account all of those taxes, Warren Buffett’s tax rate is much higher.”
John Stossel: “According to Forbes, his secretary makes between $200-500 thousand dollars a year. So, they’re both in the top bracket.”
Steve Moore: “Yeah, she’s pretty rich too. Most of his money comes from capital gains and dividend income and that’s taxed both at the corporate level and at the individual level as well. So, taking that into account he is not paying a lower tax rate than his secretary.”
Everything progressives, Occupy Wall Street protesters, and Bernie Sanders supporters believe is most likely completely untrue when it comes to the “evil 1%.”
The top 1% paid 37.8% of all federal income taxes. The top 10% paid 69.8% of all federal income taxes, and that’s not including the taxes on capital gains and dividends.
Bernie is lying to you about the rich. Don’t be a sucker.