Skip to comments.FactCheck: Obama wrong on teachers' tax rate (Another Obama lie)
Posted on 01/25/2012 3:27:17 AM PST by tobyhill
President Obama's claim that he pays a lower tax rate than a teacher making $50,000 a year isn't true. A single taxpayer with $50,000 of income would have paid 11.9% in federal income taxes for 2010, while the Obamas paid more than twice that rate 25.3% (and higher rates than that in 2009 and 2008). And if the $50,000-a-year teacher were in Obama's tax situation supporting a spouse and two children he or she would have paid no federal income taxes at all.
The outcome is the same whether we count payroll taxes or not, and even if we look at what the $50,000 earner will pay on 2011 income. Whatever the assumption, the rates Obama paid were higher and usually much higher.
The president was on safer ground when he stuck to talking about billionaire investor Warren Buffett, who wrote in a much-quoted Aug. 14 New York Times opinion piece headlined "Stop Coddling the Super-Rich" - that he paid a lower effective tax rate than any of the 20 other people who work in his office. That may well be true, though we have no access to Buffett's tax returns or those of his employees.
But the president went too far when he started using his own tax rate to make the argument that "millionaires and billionaires" should pay higher taxes.
(Excerpt) Read more at abcnews.go.com ...
I actually watched about half the speech; every time the camera went to Geithner, he looked petrified, as though he’s thinking “I can’t believe he’s telling that lie.” Very strange affect.
25 Million out of a Job or under employed.
I keep waiting for the other side to jump up and say, “Oh, you support a flat tax rate across ALL income levels? Good...let’s implement that!”... I’d bet he’d have to back pedal from the “everyone should pay the same percentage” argument that I don’t think he REALLY means.
Obama is a compulsive LIAR!!!
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