Billionaires with 1% tax rates
December 7th, 2011
08:00 AM ET
2 years ago

Billionaires with 1% tax rates

NEW YORK (CNNMoney) - In case you haven't heard, President Obama wants the wealthiest to pay more in taxes.

Noting the rise in income inequality in recent years and the need to reform the U.S. tax system, the president on Tuesday said that some of the wealthiest in America pay far less in federal taxes as a percentage of their income than many lower down the income scale.

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Filed under: President Obama • Taxes
soundoff (7 Responses)
  1. ja

    that would be the ultimate patriotic act

    December 7, 2011 08:46 am at 8:46 am |
  2. Rick McDaniel

    Obama is not talking about tax equality. he is talking about his need for more money to squander, on stupid, useless programs that accomplish nothing........like sending foreign aid to promote human rights for gay people, in foreign countries.

    Is that really why we need to tax the wealthy more? No. The top 10% already pay 70% of the taxes paid. That's the truth.

    Obama is a fraud. He just wants more money to spend, spend, spend, for nothing.

    December 7, 2011 08:59 am at 8:59 am |
  3. GROVER NORQUIST IS A ENEMY OF THE STATE

    Something is terribly wrong in this country when the wealthiest pay the fewest in taxes. It's been going on for far too long now. I recall VP Biden being scathed by critics when he said "paying taxes is patriotic." The Vice President was 100% correct when he made that statement.

    December 7, 2011 09:14 am at 9:14 am |
  4. Lead Baron

    As a hard working blue collar college student that earned the things I got, I say LET the outdated Bush tax cuts expire, I'll be MORE than happy to pitch in a little more knowing the ultra wealthy will have to pay their share as well !

    December 7, 2011 09:23 am at 9:23 am |
  5. diridi

    Had they paid their fair share to IRS, GOP idiots would not have talked on "DEBT". Period. Corruption...Obama2012.

    December 7, 2011 09:24 am at 9:24 am |
  6. GT

    everyone needs to have a stake in this problem .. no matter if your a billionare or average worker.. we all need to get out of this mess..

    December 7, 2011 09:33 am at 9:33 am |
  7. Larry L

    Billionaires need to do their part to keep the middle-class alive and spending money. If the lower 99% go under in a hard-core, world-wide depression, many of those billionaires will see their house-of-cards fall. The world won't offer sanctuary because our collaspe will bring the rest of the world down with it. We no longer have the manufacturing base required to recover – those same billionaires sent that work offshore.

    Historically, when the wealth gap gets too wide the poor come and take what they believe to be their share. It's happened in every similar scenario, but we somehow consider ourselves immune from these predictable outcomes. Republicans need to stop sheltering the uber-rich and give some thought to the rest of America.

    December 7, 2011 09:33 am at 9:33 am |