Day By Day January 25, 2012 – Pants

Chris, you say Obama’s pants are on fire?

Well, yeah, I guess you are correct. Look at his moaning on tax “FAIRNESS.”

Are wealthier Americans really not paying their fair share? Here are some numbers on income inequality:

1. The top 1% pay 36.7% of fed income taxes, earn 16.9% of adjusted gross income (as of 2009).

2. The top 0.1% pay 17.1% of taxes, earned 7.8% of adjusted gross income.

3. The average income tax rate for top 1% is 24%. The bottom 50%? Just 1.85%.

4. The bottom 50% pay just 2.3% of income taxes.

5. Buffett chose to leave most of his fortune to the Bill & Melinda Gates Foundation, avoiding 55% estate tax.

Read the other 6 points here.