So let me see if I can get this Barack Obama arithmetic down. If someone makes between $34,000 and $50,000, they pay an effective Federal tax of 14.3%, but if one is in the top 5% of earners in household income, the effective Federal tax rate is 27.9% And for those “millionaires and billionaires,” the effective rate is 32%. But according to the Obamatrons, when the top 10% of earners in this country pay 70% of all Federal taxes, they are not doing their fair share, or sharing in the sacrifice. That begs the question: sacrifice for what? More $500 million Federal loan guarantees to bankrupt solar panel manufacturers? Maybe it is just me, but I am quite confused.
I am by no means rich by any stretch of the imagination or definition of that word, but I also do not begrudge the rich or successful their right to money. Granted, there are some rich people who gained their wealth through sleazy methods. George Soros comes to mind. But, it was done within the the legal and regulatory schemes at the time. If they played by those rules, all the more power to them.
Obama’s $3 trillion debt reduction plan is a farce and was from the start. By linking token and ambiguous entitlement reform efforts to a tax increase, he set himself up for certain defeat. He knew what the Republican response would be and if he didn’t, then he is more stupid than I thought. This was nothing more than a political ploy to energize his liberal base- a segment of the electorate that would have voted for him anyway! Through either ignorance or stupidity, what Obama fails to understand that fewer and fewer people identify themselves as “liberal.” At heart, America is a center-right country. If this is his 2012 campaign strategy, then Republicans should win the White House.
No doubt, he has seen the polls where 80% of Americans believe taxes should be increased on the rich. When the President of the United States threatens continuously to raise taxes cloaked in arbitrary thresholds of income, of course people are going to say taxes should be raised…on anyone but them. Except for Warren Buffett, apparently, who thinks it wrong that he pays a lower tax rate than his secretary. Of course, facts have proven this not to be the case, but Obama has never let facts obscure his views in the past.
Perhaps, Buffett used that metaphorical example in the context of arguing for overall tax reform. But, Obama’s plan does not even address fundamental tax reform other than his plan to stick it to the rich. Personally, I am tired of hearing about Warren Buffett and his guilt of his taxes. The way I see it, he has three choices to alleviate that guilt: (1) give his secretary a damn raise, (2) just don’t take the deductions, exemptions and credits that lower his liability (no one puts a gun to the head of a taxpayer and says “take this deduction”). Third, he could just write a check to the Treasury and drop it off. He could even take one of those big Publisher’s Clearinghouse style checks and ring the door bell of the White House. Until then, Warren Buffett should stick to running his company and Obama should stop quoting him, especially if we don’t know the context in which the comment was made in the first place.
Also, from everything I have read and heard, even if the tax increases are enacted and there is 100% compliance, it will raise very little revenue to lower the debt. It may help pay for some programs or union jobs near and dear to the liberal special interests and agenda, but it will not fundamentally address the debt crisis in this country. And when Obama adopts and runs with this populist “stick it to the rich” strategy, he offends anyone aspiring to success and undercuts the notion of upward mobility and the American dream.
Recently on a CNN talk show, former Michigan Governor Jennifer Granholm sort of summed up the Obama agenda speaking as an insider. She said that American companies have to get away from the notion that their primary fiduciary responsibility is to their shareholders. Put any other way, to hell with capitalism. If not to the shareholders, then who? The government? Society in general? And isn’t that the definition of socialism or fascism? Short of armed revolution, Obama cannot achieve this goal, so he does the next best thing- he uses the tax code and drives a populist wedge between people. And despite his Rose Garden proclamations to the contrary, that IS class warfare, not math. Somewhere, i have to believe that Trotsky, Lenin and Marx are smiling upon their dupe that occupies the White House.
MY JOBS CREATION PLAN- FIRE BARACK OBAMA IN 2012.