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Counting transfer payments such as foods stamps, Medicaid, Medicare, and other government welfare, Congressional Budget Office (CBO) analysis shows the top 40% pay 106% of all taxes (more than all of them). In turn the bottom 60% get money back. Please consider The rich do not pay the most taxes, they pay ALL the taxes by CNBC reporter Jane Wells. Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9...

The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office. At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.

The rich are paying even more in taxes than you think.According to a Congressional Budget Office report this week, America’s top 40 percent of earners pay 106 percent of the taxes and the bottom 40 percent pay negative 9 percent, reports CNBC.How can one group pay more than 100 percent and another group pay less than zero? The formula that the CBO uses offsets taxes that are paid with refundable tax credits. These include money the government transfers back to the taxpayer for food stamps and social programs.Some low-income Americans received very generous subsidies. The report shows that Americans who...