Posted on 04/21/2011 3:44:24 AM PDT by Scanian
Did Barack Obama take Tax 1 in law school? I did, and I remember the first day of classes, when mild mannered Professor Boris Bittker asked a simple question: "What is income?"
I was pretty confident I could come up with a quick answer, and so were a lot of other students. By the end of the hour, after Professor Bittker had politely punched huge holes in every student's definition, it was pretty clear that none of us could. Income is a slippery concept -- especially slippery when you're trying to tax it.
Which leads me to think that Obama may have avoided Tax 1. Or perhaps he dozed off in class. For in his speech last Wednesday, the speech to which Standard & Poor's responded by reducing the government's credit rating to "negative," he seemed to think he could get all the money we need to balance the budget from higher taxes on the rich.
That's wrong as a matter of simple arithmetic. If the government had simply confiscated every dollar from those reporting more than $1 million taxable income in 2008, it wouldn't have gotten the $1.3 trillion needed to close the current federal budget deficit.
Even more important is that when you reduce income tax rates, high earners have more taxable income. When you raise them, they have less.
High earners don't sit around waiting to have their money confiscated any more than chickens sit around and let you pluck out all their feathers. They pursue other options.
(Excerpt) Read more at nypost.com ...
I doubt 0bama has the intellectual capital to understand the facts as Barone explains them. He’s nothing but a redistributionist ideologue, and not a very smart one at that.
It’s “FAIR!”
And it satisfies his REVENGE motive!
It is amazing how so many liberals just refuse to accept that increasing taxes on a business always, always ends up coming back to punish the customer in one way or another.
And I think that is the whole and sum of his political philosophy. Anyone that has read “Dreams From My Father” SHOULD be able to understand that the intent is to make the United States pay for every sin that Obama believes the country guilty of. I recommend “The Roots of Obama’s Rage”, written by an American of (sub-continent) Indian ancestry.
I recommend L.E. Ikenga’s “Obama, the African Colonial”
http://www.americanthinker.com/2009/06/obama_the_african_colonial.html
Is excellent reading which preceeds D’Souza’s book and might even have been the inspiration for it.
It has no relationship to logic. It is simply raw class envy and revenge against the “rich.”
Defining income is an interesting question. I own my home mortgage free and therefore enjoy the equivalent of its value as rent. If I were to rent my home and pay my rent with proceeds of an investment, that would be a taxable transaction and the government would get a piece of it.
If I change my oil in my car, I save about $20 and my efforts produce the equivalent of $20 income. If I work at a salaried job to earn the same $20 dollars, the government taxes me on that income then taxes the person who does the oil change, producing about $15 or so net tax, meaning the transaction is about twice expensive when I pay someone to do it.
The President and their family are supposed to pay for their own food. Laura mentioned it several times. I'm betting that their little white house garden is "a way out" of that expense.
The communist in our White House does like taking other people's money - "I think when you spread the wealth around, it's good for everybody". He also seems to genuinely believe that equality of outcomes is the highest virtue. He would rather have every family in the United States living within a low but narrow income band, perhaps $1,000-$1,500 a year, than have our poorest Americans living on $20,000 for a family of 4 and our richest on over $1B a year. He values equal outcomes above all other considerations - except that those like him who are working hard to administer the equality deserve special privileges while they play golf and vacation.
Income = Any accession to wealth clearly realized. It’s in the Tax Code.
Well and concisely put.
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