| The Congressional Budget Office reports that - after accounting for the refundable portion of tax credits - the bottom 60% of taxpayers had an average income tax that was effectively negative. The lowest quintile paid minus 27.6%. And even the middle quintile paid minus 2.4%. That 6 out of 10 Americans pay nothing net of transfers is something to keep in mind when you hear the mainstream media report that polls show most Americans believe federal income tax rates are "about right." Did the rich used to pay more in the recent past? Not in this century. IRS figures show that in 2001 the top 1% paid only 33.2% of all income taxes. Now they pay 45.8%. And as their tab has risen, the share paid by the rest of us has fallen. The bottom 90% of taxpayers paid 36.3% of all federal income taxes in 2001. Twenty years later, their share had dropped to 24.2%. To sum things up, the top 2% are paying most of the income taxes. The bottom 60% are paying nothing or getting a net tax credit. And the rich are shouldering an ever-larger share of the total tax burden. Yet they still aren't paying their fair share, according to Biden. The courts have shown this is indeed true when it comes to his son Hunter and other family members. (And the ongoing investigation may ultimately snare the president himself.) But the IRS figures show why Biden will never say who is rich, how much they pay or what is fair. That would undermine his argument. And perhaps lessen support for his endless spending ambitions. The ones that are driving up the debt, bankrupting our entitlement system, undermining our financial future, and endangering our national security. (This year interest on the debt alone will - for the first time ever - exceed total defense spending.) Of course, no one loses any sleep over what people who earn more than them pay in taxes. So, while 2% of earners pay most of the federal income taxes, most Americans don't know this. Most of the rest don't care. And it's the votes of the 98% that Biden is after. Good investing, Alex | 
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