I would pay that if I could get the favors Warren Buffett gets from you.
30% federal income
7.65% Social Security
8-10% state income
7% state sales
+ property taxes and user fees applied by all levels of government.
The current situation has the wage earning producers taxed at total rates of 50% or more while 48% of the population pays zero taxes. After all, it is only fair.
Since Obama wants to make everything fair, I suggest a retroactive windfall profits tax for book authors. After all, how hard can it be to write, “Dreams from my Father” and the “Audacity of Hope”? Unlike the wealthy investor, the political book author has no capital at risk. His fees are 100% profit unless he is paying a ghost writer. Perhaps a reporter will ask him about the source of his wealth. After all is it fair for him to become a millionaire with none of his personal capital at risk?
Wouldn’t it be much “fairer” to pay him by the page? Let’s say five hours per page. Audacity of Hope is 464 pages so he should be entitled to be paid for 2320 hours. The minimum wage is $7.25 per hour. What is a fair hourly rate. Let’s say 5 times the minimum wage or $36.25. Given 2320 hours at $36.25 per hour, Obama’s “fair” wage for his book would be $84,100. Shouldn’t all income he received in royalties above that amount be taxed away under the logic used by Obama? His book royalties are as much “excess profits” as oil royalties received by other wealthy investors. Can’t the Republicans make this case?