There’s an AP story out there that’s been running everywhere: “For Richest, Federal Taxes Have Gone Down; For Some in US, They’re Nonexistent.” By virtue of the headline, they want you to think this is a story on how the rich continue to pay less and less and less. It’s just the opposite. The rich are paying more.

Their effective rate may be down but the rich are paying more in terms of the total burden. The real story here is that 45% of American households don’t pay squat when it comes to income taxes. (Payroll tax is another matter.) Forty-five percent. Ten percent of all taxpayers are paying after the freight. The top 1% are paying 38% of all of it — the top 1% are paying 38%! Isn’t it interesting, too, 45% of households don’t pay any income taxes, and what was the number we had last week of the percentage of Americans working?

The number working is 45.6% working, so that would be 54% not working while 45% are not paying any income taxes, and yet the focus is on the eeeevil rich. And it happened on Sunday right according to schedule. (interruption) Snerdley, I’m gonna get to it. The S&P rating is out. It’s Drudge’s lede here: “S&P Moves US Outlook to Negative.” There’s no coincidence on that, either. We’re, what a week or two or a month before raising the debt limit, now, and we got a story about how we might crash and default and it’s the end of the world? It’s another crisis, same old thing.

We are not going to default. We have printing press!

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