On Dec. 6, 2011, President Barack Obama gave a speech at Osawatomie High School in Osawatomie, Kan., the site of an address by Theodore Roosevelt just over a century earlier. In it, Obama sought to warn Americans about the perils of economic inequality.
Here’s what he said:
“Today, the wealthiest Americans are paying the lowest taxes in over half a century. This isn’t like in the early ‘50s, when the top tax rate was over 90 percent. This isn’t even like the early ‘80s, when the top tax rate was about 70 percent. Under President Clinton, the top rate was only about 39 percent,” he said. “Today, thanks to loopholes and shelters, a quarter of all millionaires now pay lower tax rates than millions of you, millions of middle-class families. Some billionaires have a tax rate as low as 1 percent. One percent.”
Several readers urged us to check Obama’s claim that “some billionaires have a tax rate as low as 1 percent.”
Read more and find the facts PolitiFact | Barack Obama says that “some billionaires have a tax rate as low as 1 percent”.