Via iOWNTHEWORLD this Crossroads GPS video says, YOU do the math, Mr. President:
In making his case for higher taxes on the wealthy, Monday, Obama said, “this is not class warfare. It’s math. Obama, always looking out for “the little guy”, wants to make sure that the uber rich, like Warren Buffet, are not paying less in taxes than their secretaries. I mean, who can disagree with that?
Freddie Freddoso, for one., because, guess what? The math says Obama’s speech was class warfare:
In 2009, about 237,000 individual income tax filers reported adjusted gross income of $1 million or more. Taken together, these filers — families and small businesses — made a grand total of $722 billion, and paid $178 billion of that in income taxes.
Their effective federal income tax rate was 24.6 percent, between three and four times the effective rate on middle-income families that pull in $50,000 to $75,000 per year.
This million-plus crowd — who comprise less than 0.2 percent of all taxpayers — made 10.6 percent of all income in 2009 and paid 20.5 percent of all individual income taxes.
To be sure, the wealthy can and should pay more in taxes than the poor. The point here is that they already do pay more — a lot more. So when we discuss tax increases on the wealthy, we aren’t really talking about whether we should be letting “millionaires and billionaires” slide on their obligations to society.
At the American Spectator, Peter Ferrara an through Obama (and Buffet’s) “calculated deceptions”:
Even before you were elected, Mr. Obama, under the tax policies adopted by President Reagan, House Speaker Newt Gingrich, and the much vilified President George W. Bush, official IRS data for 2007 showed that the top 1 percent of income earners paid more in federal income taxes than the bottom 95 percent combined! The top 1 percent of income earners that year earned 22 percent of income but paid 40.4 percent of total income taxes. When Reagan became President, the top 1 percent paid 17.4 percent of income taxes, as I note in my recent book, America’s Ticking Bankruptcy Bomb. As Jack Kemp used to say, if you want to soak the rich, cut tax rates. Moreover, the bottom 40 percent plus of income earners now pay no federal income tax on net as a group.
So if “the rich” are not paying their fair share, Mr. President, what would that fair share be? Based on these official facts, for you to run around the country telling America that we could have jobs and balance the budget and solve the debt crisis you are creating if the rich would just pay their fair share of taxes only demonstrates that you are not qualified to be President. Either you don’t understand the basics of America’s tax policies even after you have been President for three years, or you are engaged in calculated deception thinking your fairy tale will fool enough gullible people that you can be re-elected despite an economic record so bad that it is threatening to rival the Great Depression.
As the Wall Street Journal further explained yesterday, in 2008 official IRS data shows that taxpayers earning over $1 million paid an average federal income tax rate of 23.3 percent. Those earning between $500,000 and $1 million paid an average federal tax rate of 24.1 percent. As the Journal further elaborated, “that is more than twice the 8.9% average rate paid by those earning between $50,000 and $100,000, and more than three times the 7.2% average rate paid by those earning less than $50,000. The larger point is that the claim that CEOs are routinely paying lower rates than their secretaries is Omaha hokum.”
Actually it is a Warren Buffett scam. His company that made him rich, Berkshire Hathaway, itself is a sophisticated tax shelter. If tax rates are raised, that will only lead more of the wealthy to flee to investing in his company to avoid the abusive multiple taxation. The IRS claims that Buffett’s company owes a billion dollars in back taxes. If Buffett thinks the rich don’t pay their fair share, why is he fighting this? Why doesn’t he just pay his fair share as required under current law?
Buffett is just playing all of us like President Obama is. What a disgrace that our public debate has fallen this low, to this level of rank, manipulative dishonesty.
The Weekly Standard, too did some math: Top 0.1 Percent Pays More Income Tax than Bottom 80 Percent:
In 2010, according to the TPC, Americans in the lowest quintile of income-earners — the bottom 20 percent — paid minus-3.8 percent of the total federal income tax burden. In other words, they got more back, in income tax credits and the like, than they paid in. Similarly, those in the second quintile paid minus-4.3 percent of the total federal income tax burden — so they, too, weren’t paying into the income tax till but rather were taking out.
Those in the middle quintile — pretty much the center of the middle class (this quintile had an average income of $44,000) — paid 3.9 percent of the total federal income tax burden (about $1 of every $25 dollars in income taxes paid nationwide). And those in the fourth quintile — whose income ranged from $58,000 to $102,000 — paid 15.1 percent of the total federal income tax burden.
So, all told, the 80 percent of Americans whose income placed them in one of these first four quintiles of income-earners combined to pay 10.9 percent of the total federal income tax burden. Put otherwise, this 80 percent of the citizenry paid about $1 out of every $9 that was paid in federal income taxes nationwide.
Meanwhile, Americans in the highest 0.1 percent of all income-earners — these are the very rich, with incomes of at least $1.974 million — paid 16.4 percent of the total federal tax burden. Essentially, one out of every $6 paid in federal income tax was paid by this 0.1 percent of the citizenry.
In other words, the top 0.1 percent paid more toward the workings of government than the bottom 80 percent did. That’s despite the fact that the bottom 80 percent collectively made more than six times as much money as the top 0.1 percent did.
Obama also had the audacity to slam crony capitalism and “special interests” in his tax hike speech, conveniently forgetting to mention Solyndra, GM, and GE, :
Part of President Obama’s tax hike speech focused on corporations with the “best lobbyists” ending up getting preferential treatment. Despite his concern with “special interests”, President Obama neglected to mention the Solyndra scandal which appears to be rife with favors for the “green jobs” special interest company.
Does anyone but the most brain dead drones still buy this B.S. this guy peddles?