Posted on 09/20/2011 2:18:56 PM PDT by yoe
During Monday morning’s address from the White House, President Obama drove home his demands that millionaires and billionaires need to start paying higher tax rates that America’s middle class. The only catch here is that they already do.
And although the so-called “Buffet Rule” from Obama looks towards correcting this gaff, it seems as if the president offered up a goof of his own.
According to private and governmental data made available to the Associated Press, the wealthiest Americans pay much more in taxes than the middle class and poor, and on average pay at a higher rate and contribute a larger share of the overall amount of taxes that the government rakes in.
While Warren Buffet wrote in a recent editorial published to The New York Times that he paid a lower tax rate than anyone else in his office last year; the billionaire investor happens to be just one exception, however. The AP reports that households making more than $1 million this year will pay an average of 29.1 percent of their revenue in federal taxes, while households in the $50,000-$75,000 rage will pay nearly half that rate with an average payback of 15 percent.
According to Buffet, he paid 17.4 percent of his taxable income last year.
The information, obtained from the Tax Policy Center based out of DC, reveals that households making only $20,000 will on average pay only 5.7 percent in federal taxes this year.
“Middle class families shouldn’t pay higher taxes than millionaires and billionaires. That’s pretty straightforward,” President Obama said yesterday. If you agree or disagree with the commander-in-chief, you have to give it to him this time: he’s right.
Speaking to reporters from the White House, Treasury Secretary Timothy Geithner said that people who make most of their money in wages pay a higher tax rate, compared to those who get their income from investments, reports the AP.
The lesson here? Maybe Buffet’s secretary should start looking into stocks.
So just EXACTLY when does Ubama NOT lie?
Obama can no longer speak any truth. He lives one lie after another.
“You can live a lie until you die,
One thing you can’t hide, is when you’re crippled inside.”
John Lennon
Since Buffet makes his money from investments, he won’t be effected by the ‘Buffet Rule,’ will he? I’ve been trying to figure this out.
Rush Limbaugh was 20 years ahead of the main stream media with this news.
The (Jimmy) “Buffett Rule” is, when you hear Obama speak make yourself another margarita.
Obama lies while ________________ (fill in the blank)
It depends on how it is written. For example:
Raising capital gains and dividend taxes for amount in excess of $1 million would do the trick, or (probably Obama's preference)taxing capital gains and dividends at the same rate as ordinary income would also do it.
Either method effectively raises the rates on investment income, and is unfair (dividends have already been taxes at the corporate level, so its double taxation), or economically stupid (higher rates will discourage people from taking the extra risk of investment in search of capital gains, slowing down the economy).
I saw on Fox News today, a give and take between two pundits, one a black demo operative.
The opposition pundit made the statement that Bush left us with 4 billion debt after 8 years, and Obama 4 billion debt in just 2.5 years. The demo operative kept saying “that’s just not true”.
He was either badly misinformed or lying.
This is what politics is going to devolve to: a shouting match with no objective truth aimed at a stupid electorate that votes for benefits and responds emotionally. Not good.
Let’s call a spade a spade, shall we?
The Socialist loving turd was lying. That is the SOP among the RATs that are hell bent on destroying our country.
It is long past due time to take the gloves off when dealing with these scumbags.
I saw on Fox News today, a give and take between two pundits, one a black demo operative.
The opposition pundit made the statement that Bush left us with 4 billion debt after 8 years, and Obama 4 billion debt in just 2.5 years. The demo operative kept saying “that’s just not true”.
He was either badly misinformed or lying.
This is what politics is going to devolve to: a shouting match with no objective truth aimed at a stupid electorate that votes for benefits and responds emotionally. Not good.
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