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FBN’s Liz MacDonald breaks down how much tax revenue actually comes from the wealthiest Americans in the wake of the fiscal cliff debate.
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Not because -- -- I mean who gets to decide -- -- -- I mean it's -- -- valujet earned whenever.
Well new data shows that the government is missing the mark on who is paying their fair share and -- -- -- spending off.
Number crunching investigative reporting on this one.
Yeah let's say how much -- -- that upper bracket.
Tax hikes -- covering government spending you're talking about this earlier take a look at this it would to only cover one week and 11 and a half weeks of government spending and a bringing it just 82 billion dollars annually that's a hike in the up part two brackets.
Not just the thirty -- -- top bracket but the second one below that's -- fair share and take a look at what the top 1% pays guys.
Big essentially pay of nearly 40% of all federal personal income tax revenues.
And they make about a fifth just 15 of adjusted gross income -- -- -- thirty -- percent.
Moving along top 5% pay up nearly 60% of federal person personal income tax revenues and make about a third of all income.
Look at the top what 10% even -- he's 71%.
Is they -- -- Quote fair share and they're responsible for about 45% -- coffee -- -- issue too is I mean yes that lower.
50% the bottom 50%.
They're effective share of the federal tax pie is now running -- 2.4 percent.
And we get that we get up at that includes senior citizens and military and the poor we want to cut short to Canada's government -- -- -- good idea -- -- but you know the thing is with bottom bracket to.
They're actually paying less of -- of that hi there was that four point 9% and nine in 2001 now -- at 2.4 percent.
But you know the issue is what do you do if you raise government's spending 4% every year can you really raise taxes 4% every year now.
-- got -- cut spending anyway -- -- sick of hearing herself say this at this point but if in -- -- spending cuts there's no there's no budget deal -- this issue today news is always you always hear that cutting spending is quote austerity winner tax willow tax increases be called.
Austerity that's a great.
Comparison also brilliant senior -- and if you were overspending by this much you have this huge gap would you just look for more ways to more credit cards well yeah you like -- Right -- UN under -- -- -- that plan being sarcastic which is usually your roll around you know REE.
