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The Truth About Taxes

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  • Description

    FBN's Liz MacDonald breaks down who is carrying our nation's tax burden.

  • Duration 3:20
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President Obama continuing to push for higher taxes on our nation's top earners in the state of the union speech last night but.

Or wealthy Americans really not paying their fair share of taxes here to set the record straight on who is carrying our nation's tax burden was -- McDonald.

Yeah let's take a listen to what the president -- the speech last night.

About the Buffett tax and they need to basically says a higher tax on the wealthy to pay their fair share take a lesson.

You can call this class warfare all you want.

But asking a billionaire to pay at least as much as a secretary in Texas.

Most Americans would call that common sense.

-- -- the call common sense to not adding four point six trillion dollars to the nation's debt the equivalent Germany.

And South Korea.

And basically not creating one point nine.

Million jobs there of one point nine million net jobs lost in that would add to date under the on the president's watch.

Let's go through exactly who is paying.

They're quote fair share in taxes a federal.

-- -- look teller breaks and -- gonna see the top 1% pay 38%.

The top 10% pay about 70%.

The top 5% pay about 59%.

Of the nation's federal tax -- so the OECD has our recall the United States Texas and the federal Texas and -- -- most progressive in the world.

The half of the country about half anywhere from 47 to 51%.

Of the nation's taxpayers don't pay taxes largely because of the downturn because tax breaks the president gave.

To help -- lower income brackets along those people tend to be senior citizens or you know student so.

They do pay state and local property tax is also a single tax -- taxes and payroll taxes.

But the question is is that really where the -- -- -- Right what about the debt yeah that is.

That -- -- spending you know it's like you didn't cut it in place at any which way you can in terms of -- -- -- taxes that really are the best solution yet that's.

-- it's how I mean that debt -- gotten partly rhetorical nod last night right you know so and it basically came up.

Later on and then this speech when the president talked about the need to you know basically -- spending on wars tort.

-- possibly infrastructure spending but let's say something again four point six -- lot of money.

And I understand filling blew holes slowdown in the nation's balance sheet.

But the question for the American voter is where that money go to -- go toward -- lenders bailing out Fannie Mae and Freddie Mac multiple bailouts -- AIG.

Also Citigroup which has had three -- since early eighties and Bank of America I mean is that is that how we how was raising taxes.

Going to -- middle class jobs right.

And if you raise the tax on investment maybe people don't investment that's your job to get out of -- -- something that you can't quantify until you get there and Iraq and I mean that's right Newt Gingrich blasting that capital gains tax hike the president wants the question is in basis in creating new bear market because you wouldn't have an apple or FaceBook or Google.

If the capital gains taxes higher because essentially investors would not have that money to invest in those start -- -- question is continue basically retail are gonna tax code for the private equity and hedge fund Kraft to pay income taxes.

On their investment gains that they get out of those funds.

I can't say that -- the difficulty have to assess the future value of those gains to hit -- income tax on it right now on this future capital gang has been considered before never -- it's very tough to do in our -- -- OK thanks so much.

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