Chump Change

Nearly half of American wage earners pay no federal income taxes. Barack proposes that in order to make that system more fair, those who aren't paying any taxes should get a rebate paid to them from the taxes from the 5% who pay 50% of the nation's income tax burden. Do people really believe this?


Barack's explanation for this unfairness to the top 5%?

"Right now, they are getting taxed at 36 percent. Under Bill Clinton in the 1990s, they were being taxed at 39.6 percent. You're talking about a 3.6 percent difference, and, you know, for, you know, the average person who is making half a million, a million dollars -- people like you Sway -- that's chump change, that's nothing. But it could make a big difference for that young person who is trying to figure out whether they can go to college or not, if we could give them more of a break or give them more scholarships or grants to go to college."

Chump Change?

The Tax Policy Center says a person or family making $500,000 a year would pay $3,363 in additional income tax under the Obama plan.

A person or family making $1,000,000 a year would see their tax burden increase by $28,301 under the Obama plan.