It's even worse to hear the President of the US lie about taxes. The WSJ has a great editorial and a chart to go with it:
"We rehearse all of this because it shows that the real point of Mr. Obama's Buffett Rule and his latest deficit proposal isn't tax justice or good tax policy.
It is all about re-election politics.
Down in the polls and facing a sullen liberal base, Mr. Obama wants to rally the left behind him, and nothing fires them up like the pretense that government is sticking it to the rich.
Mr. Obama is picking a tax fight that he apparently believes will carry him to re-election next year."
It is bizarre! Who is giving this man economic advice? I can't believe that serious people in The White House are happy with this approach.
This is more than bizarre. It is insane. It is demagoguery.
Larry Kudlow can not believe it either:
"The vast majority of millionaires pay a 35 percent current tax rate on personal income from salaries, bonuses, and small-business income.
Their effective tax rate is around 30 percent, much higher than the roughly 20 percent effective rate for the so-called middle class (depending, of course, on how you define the middle class).
Remember that the top 1 percent of income-tax payers shoulders 40 percent of all income taxes.
They are paying their fair share. Then remember that 50 percent of income-tax filers don’t pay any income tax at all.
Obama refuses to tell us what the new millionaire tax rate would be, or what the formula might be in relation to middle-class taxpayers.
But one thing’s for sure: This new Buffet tax is a penalty on investment, risk-taking, and job-creation."
P.S. We spoke with Barry Casselman about the current political situation:
Listen to internet radio with Silvio Canto Jr on Blog Talk Radio
Tags: Pres Obama class warfare To share or post to your site, click on "Post Link". Please mention / link to the My View by Silvio Canto, Jr. Thanks!
