Do the Rich Pay Their Fair Share of Taxes?

Do the Rich Pay Their Fair Share of Taxes?

Some variation of the phrase “the wealthy should pay their fair share of taxes” is frequently echoed by activists, pundits, politicians, and even some millionaires and billionaires (known as the “Proud to Pay More” group).[1],[2] This sentiment leads many to believe that the government can close budget deficits, reduce the debt, and fully fund entitlement programs by simply raising taxes on high-income earners.First, it’s important to look at wh…