The 1% Should Pay Their Fair Share in Taxes

It's tax time again, when our minds turn toward paying the taxes we owe, or possibly getting a refund. But what we don't think of enough is whether our tax system is fair.

The richest 1% of Americans are now getting the largest percentage of total national income in almost a century. But many millionaires pay a lower federal tax rate than many middle class Americans. Some don't pay any federal taxes at all.

That's because of deductions for things like mortgages on large homes, business entertainment, and gold-plated health care plans. It's because of tax loopholes like offshore tax havens and capital gains loopholes. The situation is even more lopsided with the Social Security tax, which doesn't apply to income greater than $117,000. You can see why Warren Buffett pays a lower tax rate than his secretary.

And Republicans want to lower taxes for the wealthy even more! When the rich pay low taxes, everyone else has to foot the bill--or important programs and services get cut. It's time to change that.