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FBN’s Lou Dobbs on what the top earners actually pay in taxes and what this means for the Administration’s calls for Americans to pay their fair s...
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President Obama's in Florida tonight he's there are -- while raising money.
Three fundraisers today he's making another high profile push.
For congress to pass the so called Buffett rule my proposal would require anyone who makes a million dollars.
To pay a 30% income tax.
But even members of his own administration acknowledged the -- -- so called has nothing to do with reducing the deficit listen to Jason Furman.
-- the principal deputy director of the White House.
National Economic Council selling the plan to reporters.
This would never our plan to bring the deficit down.
And object that debt under control of what this is it's a basic principle a fairness for your tax system to ensure that no one.
I'm would be paying less than 30%.
Now the White House had to change its -- a bit to fairness after the congressional joint tax committee found the Buffett rule.
Would -- only 47 billion dollars over the next decade.
But even five billion dollars a year not even a down payment -- on almost sixteen trillion dollar national debt.
Or.
Consecutive.
Consecutive.
Deficits of over a trillion dollars in fact what the government would make from the -- rule over in years.
It would spend every five -- that's where our government -- By -- five trillion dollars.
Five billion dollars every five days the question remains is it really a fair share that's what the president's talking about.
I think about this so what we've got to understand -- but the only person using the word is the president.
And no one in the administration -- said.
What is spare.
I mean is the president the final arbiter of -- Here's what the top 1%.
Right now.
Our friends -- the RS of the top 1% of earners and the top 1%.
Pays.
40%.
Of all -- All of is it fair when the top 5% the top 5%.
Homeowners.
-- -- your reading 61%.
Of all tax.
But the time we get down to 10%.
Of all -- you're talking about 73%.
Of all income tax -- New to the federal government.
Look at this 1%.
40% of the taxes.
5% 61%.
10% -- -- 3%.
And the president wants to talk about fair.
So my question is this while 49%.
Or think about 49%.
Of all household.
Of all households.
Pay.
Zero tax.
So mister president what's fair how about this you give us a number.
What is fair.
What -- the top 1% be pain.
Of all the federal income taxes what would be fair 40% is a bit.
What should the top 5% if it's not 61%.
Should the top 10% should pay all about what would that be fair Mr.
President how about this.
Please mister president just -- -- one number so that we can move away from this sort of subjective idea of fairness because after all.
We want to be fair about it.
