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The Wealthy Paying Too Much in Taxes?

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  • Description

    FBN’s Gerri Willis on the debate over whether to raise taxes for the rich.

  • Duration 2:58
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Look I'm no expert on media buyouts but the liberal media -- seems to be fully behind the Obama plan to solve -- fiscal -- Here's a headline from happening Huffington Post reporting today that the -- to avert disaster sparks GOP outrage that was bad Republicans.

And the New York Times asserting an up front page story today the tax code is less progressive than in 1980 back when Ronald Reagan was president.

And I thought really.

Let's take a look at just -- pays federal income tax in this country.

These numbers according to the Tax Foundation the top 1%.

Pays 37 point 4% so top 1% earners people with top 1% have really really wealthy they pay almost 40%.

And the taxes.

Take a look at this the top 5% pay nearly 60%.

This isn't quite right -- and then the top 10% what does that look like.

They pay 71%.

Of the federal taxes federal income tax -- top 10%.

Picking up almost the entire -- so if you wanted the tax code to be more progressive.

Well I don't know maybe temperate top 10% should -- 90% of taxes 95.

A 101.

-- I think this whole argument is just hogwash.

True the tax code is not fair but not because the wealthy aren't paying enough.

But because the pay they pay too much money.

Everybody needs skin in the game.

If you aren't part of the system of your dollars -- -- -- every time the government adds a new federal oversight panel or.

Commission to study of the effective exercise on -- -- -- of that -- millions of dollars for this experiment ridiculous.

And you can blame you if you didn't want it today it's not your money at risk.

Also on the topic of -- tonight -- this Jim Sinegal the cost co-founder and CEO.

Is in the headlines because of an editorial in the Wall Street Journal today.

The executive -- -- and president.

Even -- on his behalf at the Democratic National Convention Charlotte earlier this year.

So it was surprising when costs go became one of the scores of public companies awarding special dividend to a morning the president's dividend tax increase.

Other companies are moving existing dividend payment plans and this calendar year for the same reason now for costs go here's the -- The company will pay seven dollars per share this month or three million dollars to shareholders.

And here's the rub the company's gonna borrow money to do that look dividends are typically taken out of earnings.

I fully support executives -- to take tax dividends early but for Sinegal who's apparently been a supporter of Obama.

And his idea of shared sacrifice -- -- That's disingenuous.

At best.

Single -- make fourteen million dollars or four million more than he would have had -- waited for the tax change.

Tax fairness shared sacrifice.

Now I guess it depends on who you're talking to.

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