CBO Surprise: ‘Rich’ Pay 106% of Income Taxes

A new Congressional Budget Office study has torn in hole in yet another one of President Obama’s insistent claims about the way things are.

The Congressional Budget Office study, “The Distribution of Household Income and Federal Taxes, 2010, ” shows that the top 40 percent of households, based on pre-tax income, paid a remarkable 106.2 percent of the nation’s income tax in 2010. Meanwhile, households in the bottom 40 percent paid “negative income tax,” receiving an average of $18,950 in government transfer payments while paying no federal income tax.

That fact contradicts the Saul Alinsky-like theme central to President Obama’s 2012 re-election campaign in which he claimed “the rich are not paying their fair share of income taxes.”

The poor in America not only pay no income tax, they receive various government payments drawn from income tax revenues paid by the so-called “rich”

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