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Who Pays Their “Fair Share” of Taxes?

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  • Description

    FBN’s Liz MacDonald breaks down tax payments by class in the U.S.

  • Duration 5:23
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This transcript is automatically generated

But the fiscal cliff but specifically who pays taxes for real and there's a lot of media malpractice that there had been missing anything and then media reports that there about.

The president wanting more tax increases on the upper brackets but -- exactly pays their quote fair share of the 1%.

Third -- pay 37%.

Of all federal income tax revenue that's ten times the bottom brackets.

Ten times accident bottom 50%.

The top 5% 60% the top 10% 71%.

-- bracket that a 50% or below.

You know those individuals that pay about 2.4 percent that's less than half of what they paid about ten years ago all the hype and other federal income -- federal can -- over them.

And the top 1% again -- what thirty something percent 37% but the issue is you know -- kind of -- along -- I hit a it is our numbers but here's his show I mean yes the top to bottom 50% includes senior citizens who don't pay -- taxes or military veterans that report we get that.

But the issue -- you can count and -- to hit -- hand the number of months that they have increases in the upper bracket would pay -- -- government spending listen.

I testified before congress about iris and tax reform which was the -- position for journalists be put into so what I did -- was -- reported back to congress at that time.

-- -- -- about government spending and about the flat tax Charlie Rangel at that time said.

Listen the flat tax will not deliver what the government needs so that's the issue is that DC -- -- living in a bubble.

Land it clearly by the real -- could see that it disconnected from the rest of the US economy.

And to think that the growth -- exists somewhere in the back of Charlie Rangel -- Harry Reid's office is ridiculous let's addicted to think you can and trust individuals like that.

And Washington DC to reform.

The tax cut -- like putting the cat among the pigeons so you know we seeing this for the last two decades.

You know again and again the US government has not adjusted to the fact that the US economy is no longer in bubble land we went through four different bubbles.

Since the mid ninety's and the government has grown less capable just ask any victim -- hurricane -- about that as we focus on big guns guzzle sodas.

Or other distracting things or you know naming buildings after ourselves as politicians are doing.

Turning the country into use Pakistan actively I don't know I think is something Ralston finally it is obviously because we've been through this and seeing this time and again New York Times has the story now on -- upper left.

Not noted noting this addition -- the first paragraph.

Up every media story we've got government spending now on things like.

They're promoting domestic caviar.

Eating here United States as -- you know subsidizes -- -- we subsidize that caviar.

I gotta tell you something we are still and LBJ and Nixon land big government spending both sides of the aisle are doing it.

Went live at the time in Estonia Latvia Lithuania Canada -- cut our cutting government spending and their economies are growing so.

You know we have yet to receive immediate properly report the story time and again they do not the New York Times doesn't do it NS NBC doesn't do that right.

NBC does not do it writes today's guy get that in the first paragraph all day all day long all belong in this yes we get accepted -- -- bottom half of the country are poor we want to -- the pork.

That's not the issue the issue has hit a sixteen trillion dollar deficit and what are we spending it on Friday -- -- politicians again any parks or bridges or building -- in the.

And they're not -- meaningful spending cuts and they're probably gonna raise taxes more than right likely right.

Right -- -- -- congress are saying hey hurricane sandy in and of itself is gonna shave a half percentage point off GDP in the fourth quarter.

The third quarter latest -- was disappointing it was -- at best.

It's a -- pointless I mean these are troublesome times and it's not get -- idea if -- in the slowing economy right erode growth just look at tech California Texas.

Spend with a way to go there agent worry you and -- talk about this in -- attacks -- -- where the way to go California's unemployment rate would not be about 10% right now.

Let me give you some breaking economic news is that comes in not interrupted -- -- that the spending numbers -- spending for the -- and spending was down.

By zero point 2% so -- drop.

It spending it was supposed to be -- change -- that's below expectations incomes meantime more unchanged just about whether people making more incomes are going up and not.

Unchanged in the month is supposed to be up -- 20% so that's just breaking economic data will sell the market reacts to.

If there's some noise that's -- from -- this is from the month of October right perhaps how to do that but also again getting back the latest GDP print consumer spending fading.

And coming into the fourth quarter here with the holiday season and the fiscal cliff now kind of -- people's confidence I mean isn't really troubling times -- -- have to look at these now when you say you know there's just no confidence out there wanna say quick figures are not that the DC idea.

-- -- -- right about consumers spending confidence but yet that's it people are making more money.

Mean we and that's pretty thrilled that again but you know companies do group I I hit the citizen is terrible that the median income is not rising in this kind of in -- jobs -- -- -- we want to help the middle class absolutely.

At the same time companies aren't providing benefits that don't often get counted.

Toward the reason why median incomes might be flattening it's because the -- of health -- is going up and health benefits of going up right -- -- something you know your time ahead DC policies and so out of -- and so disconnected from the reality of what the average American has to endure so that's something that we're going to be focusing on today much more today from and also by the way that upper bracket lot of small businesses and there.

Yes that's Olympic part of -- the debate to fifteen about thank you list your -- McDonald with us -- -- numbers.

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