At a rally in Stamford Wednesday night President Obama said that the Romney tax plan amounts to "Robin Hood in reverse: Romney-hood." The comments were met with cheers and applause from the crowd, but what are the facts when it comes to differences in tax policy and reform proposals from each candidate? The Wall Street Journal published a column Tuesday breaking down the stats behind the most clear disagreement between each candidate: how to tax the top earners and make sure everyone does their "fair share." Some information presented by the Journal to help answer the question of what is the rich's "fair share" includes:
- The top 5%, top 1% and top 0.1% of Americans have been getting a bigger slice of all the income and paying a growing share of federal taxes.
- Average tax rates have come down for everyone. On average, the tax bite on the rich is bigger—except for those whose income mainly comes from capital gains and dividends.
- The share of taxes paid by the bottom 40% of the population has been shrinking along with their share of income.
On "Real News" Wednesday the panel discussed the president’s remarks on Romney's tax proposals, both tax plans as generally outlined by each side, and whether the candidates’ plans on the issue could even stomach and survive the debate in D.C.: