What is fair?
Repeatedly, we are told the rich do not pay their “fair share” in federal income taxes.
While I do not know what is “fair share,” here are some facts (from the 2008 and 2009 IRS tables): In 2008, the top 1 percent of income earners, which is $380K adjusted gross income and above, paid 38 percent of all federal income taxes.
The top 10 percent of income earners, which is $114K, paid 69.94 percent of all federal income taxes.
In 2009, the numbers are the 1 percent paid 37 percent ($344K A.G.I.) and the top 10 percent paid 70.47 percent ($114K A.G.I.).
What is fair? Ten percent of income-earners pay 70.47 percent, soon to increase to what starting in 2013? Should the top 10 percent pay, 80 percent, 90 percent,100 percent?
Any income tax increase without specific and meaningful cuts in spending will not reduce our deficit.
Raymond Tan, Auburn