Should the rich pay more in federal taxes? It depends on who you ask. According to a Gallup poll conducted last month, the sentiment among the middle class is that the wealthy should pay more in taxes. But -- not surprisingly perhaps -- the wealthy don't agree.
As political talk increases around allowing the Bush-era tax cuts to expire to help pay for the deficit, President Barack Obama has defined the wealthy as those couples who earn at least $250,000 per year.
The Gallup poll indicates that only 6 percent of households earning more than a quarter million a year think their taxes are too low. According to data compiled from 2005 to 2011, the majority (67 percent) of upper-income Americans say their taxes are too high.
Among the broad population, the poll shows that half of Americans believe the amount they pay in federal income taxes is too high, while 43 percent consider it about right and 4 percent too low.
Among that same group, there's little sympathy for those in the upper-income brackets. Only 13 percent think the rich pay too much in taxes, while 59 percent believe they pay too little.
Finally, the poll points out that part of the reason the rich may be feeling put upon when it comes to taxes is that, depending on deductions, they fall into the highest federal tax brackets of 33 percent or 35 percent, while those making the median household income (approximately $50,000) are in the 15 percent tax bracket.
Do you think the federal tax system is fair, and that increasing taxes on the wealthy is a good way to pay down the country's deficit?
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