[Herodes]

Does anyone see the “irony” here? California is in trouble partly because they have, as Schwarzenegger says...”relied on the top 1% of earners to pay a significant share of revenues.”

He is essentially saying they can't tax the “rich” anymore. In fact, the so called “rich” are paying their fair share and more. It's the same with the Federal Income Tax - The top 1% pays 39% of our Federal Taxes. The top 25%, pay 86% of Federal Taxes. Conversely, the remaining 75% of American wage earners are paying...14% of all Federal Income Taxes.

At least Schwarzenegger sees this...OB and the Dems are still hung up on the rich paying their fair share.

Incredible...

[Fred]

ditto

Jack Welsh on Kudlow and Co. explains the exact same problem in Rhode Island

[calcowgirl]

The top 1% pays 39% of our Federal Taxes. The top 25%, pay 86% of Federal Taxes. Conversely, the remaining 75% of American wage earners are paying...14% of all Federal Income Taxes.

Have you ever seen statistics such as:

• The top 1% of Federal taxpayers make up ___% of all income?

• The lower 75% of America's wage earners make up ___% of all income?

What you posted cannot truly be analyzed without knowing the other information. I don't know the answer, but I'd be curious. Sure--I pay fewer dollars than Larry Ellison and Jack Welch, but who doesn't?