PolitiFact Florida: Jeb Bush says top 1 percent pay nearly half of all taxes
A high school student at a New Hampshire town hall quizzed Jeb Bush on how he will close tax loopholes for the rich.
Bush said that although tax brackets are progressive -- meaning the more you earn, the more you pay -- they end up being regressive because rich people invest in the stock market and then have less taxable income.
"On taxes, we do have a progressive tax rate when you consider that the top 1 percent pay 45 percent all taxes in the country," Bush said during the Oct. 14 town hall in Concord. "That is a fairly disproportionate amount."
Bush then summarized his tax proposal, which includes a tax break for the rich as well as the middle class and cuts the corporate tax rate. Also under Bush’s plan, a family of four that earns $40,000 or less would pay no federal income taxes.
We wanted to look at Bush’s comment about how much the wealthy pays in taxes. Does the top 1 percent pay nearly half the taxes in the country?
PolitiFact Florida rated this statement Half True. To find out why, click here.