"The money has to come from some place," he continued. "If we're not willing to ask those who've done extraordinarily well to help America close the deficit... the math says everybody else has to do a whole lot more, we've got to put the entire burden on the middle class and the poor."
The president is also putting forward a measure he's calling the "Buffett Rule" -- named for billionaire investor Warren Buffett -- to compel those making $1 million or more a year to pay the same overall rate as other taxpayers. Taxpayers making $1 million or more often make their fortune through investment income, which is taxed at 15 percent; the top income tax rate is 35 percent.
Okay...lets do the math:
Obama and the Democrats throw around the number $250,000. If a married couple makes less than $250,000, their taxes (federal income taxes) won't go up...they say. That represents the top 2%.
The average total federal tax rate (income tax + others) for those in the top 0.1 percent was 30.7 percent. That means for the ultra-rich, 1/3 of every dollar they earn, goes to the federal government (not including state taxes).
Ignore the fact that history shows when you increase tax rates you DO NOT always increase tax revenues. Ignore that Obama said “We have not proposed a tax hike for the wealthy that would take effect in the middle of a recession...the last thing you want to do is raise taxes in the middle of a recession because that would just suck up – take more demand out of the economy and put business further in a hole.”
You simply can't solve our deficit spending problem, by increasing taxes on 2% of American tax payers...
3 comments:
OK - let's take the ENTIRE value of the United States and its' citizens... all the cash, all the real estate, all the stocks, etc...
Let's divide that up equally among everybody. So we all have the exact same net worth...
Within no time at all, 10 years - tops, the rich would be rich again and the poor will once again be poor. Because the same stupid decision making that made them poor in the first place will still be in place.
I'd be *almost* willing to do this one time, just to shut the re-distributionists up once and for all. But of course they never shut up so I've just wasted everybody's time. Sorry.
I think it's a campaign ploy.
He knows that the House won't pass it, so he can play the class warfare card throughout the election.
Obama knows that the tax won't do anything to solve our fiscal problem. It's merely electioneering.
Innom... - I would love to see the look on Obama's and Buffet's, and all the other richies, faces at the announcement of your plan. They LOVE to say "...tax rich people, LIKE ME..." they think they seem so honest and worthy. For both of them, they got rich hocking books about how they have created, built, and developed nothing but themselves.
LL - I will love to see Obama's face on November 7, 2012...
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