FactCheck.org : The Facts About ‘Fat Cats’
Even though we are serious-minded fact-checkers, we are not completely without humor, and MoveOn.org’s latest TV ad on “fat cats” and the “Buffett Rule” is pretty funny. But the ad may leave an im-purr-fect impression. One that’s off by more than a whisker.
The top 1 percent — which of course has been a target of the “Occupy Wall Street” protests — takes in a lot more taxpayers. By TPC’s calculation, the top 1 percent included about 1.2 million households and included those who earned more than $532,613 last year. But the TPC analysis found that only 7,000 of the 809,000 households earning between $500,000 and $1 million would be subject to the Buffett Rule — even if the Bush tax cuts were extended.
So, the vast majority of “fat cats” are already paying “a fair tax rate” — at least as defined by the Buffett Rule.
Look, we like humor. (Our sister site, FlackCheck.org, had some fun, in fact, with the “fat cats” ad.) And we understand the larger point about some very wealthy individuals who pay relatively low tax rates. But you know us. We doggedly insist on accuracy.