What President Obama was doing with his speech was simply reminding people of certain fundamentals that they would rather conveniently forget.
Running a government takes money.
The roads, bridges, schools, parks, running water, airports and countless other things are built by governments for the benefit of the people.
The people who are determined enough to build their own business, did not do it on their own. They had the support of the government who laid the foundation for them to grow their business.
Everyone needs to pay their fair share in order for the entire government apparatus to function.
. . . What is there to argue about? Originally Posted by Fast Gunn
The argument is over what's fair and reasonable. Obama says rich people don't pay enough in income taxes; that's nonsense. The top one percent pay 37%. The top five percent pay 59%. The top ten percent pay 70%. The bottom fifty percent pay 2%. The so called rich already carry the most of the weight. Obama is a demagogue that exploits his constituent's ignorance and jealousy.
By making the income tax severely progressive, you destroy the incentive to work and invest. In the long run everyone is harmed, because such a system destroys wealth.
Who Pays Income Taxes and How Much?
Tax Year 2009
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
Top 1%
$343,927
36.73
Top 5%
$154,643
58.66
Top 10%
$112,124
70.47
Top 25%
$66,193
87.30
Top 50%
$32,396
97.75
Bottom 50%
<$32,396
2.25
36.73
Top 5%
$154,643
58.66
Top 10%
$112,124
70.47
Top 25%
$66,193
87.30
Top 50%
$32,396
97.75
Bottom 50%
<$32,396
2.25
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Source: Internal Revenue Service